IMPACT OF HAVING YOUNG AND OLD GENERATION

An aging population is a major problem in society. Firstly, the elderly have put pressure on the

economy. When citizens reach the age of over 65, it is in their interest to be provided welfare such as

pension, health insurance, and free public services. It is estimated that the governments in developed

countries offer pensions from $9,262 to $22,171 for each individual annually, leading to a profound

impact on the nation’s economy. Secondly, an aging population causes housing problems. In recent

years, there have been a large number of older people who tend to own more than one house and

live on their own without children or relatives. This popular trend has led to the lack of houses for

others as well as increased house buying costs. However, there might be a significant shortage of

experienced workforce. When humans reach the age of over 60, it comes to a retirement age which

means they have to stop their job. As a result, companies have to face a lack of workers who are

regarded as highly experienced. Therefore, besides some disadvantages of the elder, they are one of

the key factors of the workforce.

The young generation brings significant drawbacks to society. Firstly, countries that have a young

population might have a tendency to suffer from the rapid increase of the unemployment rate.

Freshmen who have minimal work experience are struggling from finding an appropriate job

compared to the elder with many years of work. As a result, a large number of the graduates have to

face extreme job competition, doing a second job or being unemployed. Furthermore, youth bulge

countries might experience high education costs. If the youth population increases, the demand for

education as well as school infrastructure will rise rapidly. It means the government has to spend a

large amount of money for building more schools, training and hiring teachers. However, the young

population plays a crucial role in providing a productive workforce in the future. The young have

strong physical health and are skilled with technological devices, which meets the demand for blue

collars jobs as well as white collars jobs. Therefore, the significant growth of the young population

has a substantial impact on society.

In my point of view, the old generation brings more negative impact on society compared to that of

the young generation. The aging population causes an increase in pension, healthcare costs, and job

competition, which may mitigate the development of the economy.