Future concerns in aging society

Ageing is related to problems in physical, emotional, and mental health. If we can delay the
ageing process, we may be able to live more happily and successfully. Several factors are
responsible for ageing: age, sleep, dietary habits, nutrition, physical activity, general health
condition, emotional well-being, physical impairment, cultural factors, life events, social
support, family well-being, financial resources, cognitive functioning, and diseases. The chapter
is based on the above views and mainly focuses on the various factors that contribute to
ageing.

geing is the process of growing old, with a number of transitions in the journey of life. As they
grow old their physical and mental capacities decline and they are not able to manage their life
as good as they were doing it earlier. The transitions may include retirement, relocation, death
of spouse or friends, geriatric syndromes such as frailty, decline in physical activity, problems
with memory and so on. World Health Organization (WHO) states: “Active Ageing is the process
of optimizing opportunities for health, participation and security in order to enhance quality of
life as people age” (WHO, 2002). Susan and Andrew (2016) defined ageing as “the process
during which structural and functional changes accumulate in an organism as a result of the
passage of time. The changes manifest as a decline in peak fertility and physiological functions,
until death.” Ageing is challenging and at the same time full of opportunities. If the elderly is
active, he can enjoy his life without perceiving himself as aged. The elderly can enjoy going out
and meeting people more frequently, that he was not able to do it earlier, because of the
preoccupation with his work. He can focus more on his hobbies or he can spend time with his
grandchildren. It is to be specified here that there are factors that contributes to ageing and
there are factors that delays ageing. In this chapter we will be focusing on the factors that
contribute to ageing.

What are the Biggest Challenges and Problems for

Elderly People in Our Society?
Posted on August 30, 2020

It is well known that as a society we are living much longer thanks to improved living conditions
and health care. While being able to reach old age is something to be thankful for, in many
ways, there are several challenges facing the elderly, which we all need to pay more attention
to. Often it is not until we start to age ourselves or we see a loved one struggling with a
problem that we sit up and take notice, but as a society, we can do more to make life easier for
our aging population. This article outlines the biggest challenges that elderly people face today
and how we can support them and enable them to age with dignity.
Ageism and a lost sense of purpose

There are lots of outdated stereotypes about elderly people, which can lead to isolation and
marginalization in a lot of communities. By coming up with innovative ways to involve older
people in the community through social events, we can not only help them to maintain a sense
of identity and self-esteem but also tap into the wealth of knowledge and experience they
have, which is so vital for the development of society.

Financial insecurity

While we are living longer, unfortunately, the world of employment and retirement has not
evolved at the same pace. Many elderly people are able and more than willing to work past the
standard retirement age, but the opportunities are not there. In addition, managing day to day
finances and planning for later life can be challenging for older generations as much is now
done online or remotely. This can also leave them more vulnerable to fraud and scams.

Difficulty with everyday tasks and mobility

A person’s mobility and dexterity will naturally decline as they age, which makes completing
everyday tasks more difficult. This can gradually cause people to care for themselves and
prevents them from being social, pursuing interests, or taking part in activities they enjoy. More
support is needed to enable elderly people not only to live independently through products and
programs which focus on safety, balance, fitness, and mobility but also to ensure they can
continue to thrive as an individual.

Finding the right care provision

When complete independence is no longer practical, many elderly people require additional
care. Sometimes this care can be provided by family members, but this can place a lot of strain
on the caregiver in terms of balancing this with work and other family responsibilities.
These caregivers need to be given the training, resources, and emotional support necessary to
help them deliver the best care for their loved ones and themselves.

In some cases, it is more appropriate for a professional caregiver to be employed on a regular

basis, e.g., when there are complex medical conditions and/or physical disabilities. With
a comprehensive elder care service, the elderly person is able to remain in their own home.

Access to healthcare services

Healthcare can be complicated and disjointed for elderly people, especially for those struggling
with long-term conditions. The care requires lots of different medical professionals and clinics
to coordinate delivery of medication and other types of care.

End of life preparations

We all need to prepare for the inevitable, but death is often a difficult topic for people to
discuss or make plans for. Elderly individuals and their families need support when considering
the end of life options available, financial implications, and how to ensure that the individual’s
wishes are respected.

4 Global Economic Issues of an Aging

Population
The social and economic implications of an aging population are becoming
increasingly apparent in many industrialized nations around the globe. With
populations in places such as North America, Western Europe, and Japan aging
more rapidly than ever before, policymakers are confronted with several
interrelated issues, including a decline in the working-age population, increased
health care costs, unsustainable pension commitments, and changing demand
drivers within the economy. These issues could significantly undermine the high
living standard enjoyed in many advanced economies.

KEY TAKEAWAYS

 Many industrialized nations are realizing the effects of an aging population,

such as a decline in the working-age population and a surge in health care
costs.
 Over 20% of the population of 17 countries consists of persons 65 years or
older.1
 The decline in the working-age population results in a supply shortage of
qualified workers.
 Nations with a large senior population depend on a smaller group of people
to pay for higher health costs, pension benefits, and other publicly funded
programs.
Advanced Industrialized Societies Are Growing Older
In 2020, there were 727 million people aged 65 or older. This number is expected to
more than double by 2050.1

The Decline in the Working-Age Population

A rapidly aging population means there are fewer working-age people in the
economy. This leads to a supply shortage of qualified workers, making it more
difficult for businesses to fill in-demand roles. An economy that cannot fill in-
demand occupations faces adverse consequences, including declining productivity,
higher labor costs, delayed business expansion, and reduced international
competitiveness. In some instances, a supply shortage may push up wages, thereby
causing wage inflation and creating a vicious cycle of price/wage spiral.

To compensate, many countries look to immigration to keep their labor forces well
supplied. While countries such as Australia, Canada, and the United Kingdom are
attracting more highly skilled immigrants, integrating them into the workforce can
be a challenge because domestic employers may not recognize immigrant
credentials and work experience, especially if they were obtained in countries
outside of North America, Western Europe, and Australia.

Increase in Health Care Costs

Given that demand for healthcare rises with age, countries with rapidly aging
populations must allocate more money and resources to their health care systems.
Healthcare spending as a share of gross domestic product (GDP) is already high in
most advanced economies; one challenge that advanced economies face is to
ensure that when they increase spending, healthcare outcomes actually improve.2

Additionally, the healthcare sector in many advanced economies faces similar

issues, including labor and skills shortages and increased demand for at-home care.
All of these cost escalators can make it more difficult for existing systems to handle
the increased prevalence of chronic diseases, while also addressing the needs of
large and growing senior populations.3

Increase in Dependency Ratio

Countries with large elderly populations depend on smaller pools of workers in
which to collect taxes to pay for higher health costs, pension benefits, and other
publicly funded programs. This is becoming more common in advanced
economies where retirees live on fixed incomes with much smaller tax brackets than
workers. The combination of lower tax revenue and higher spending commitments
on health care, pension. and other benefits is a major concern for advanced
industrialized nations.

Changes to the Economy

An economy with a significant share of seniors and retirees has different demand
drivers than an economy with a higher birth rate and a larger working-age
population. For example, rapidly aging populations tend to have greater demands
for health care services and retirement homes. Although this is not necessarily
negative, economies may face challenges transitioning to markets that are
increasingly driven by goods and services linked to older people. As advanced
economies become older over the next 15 years, it remains to be seen whether
immigration will fill the voids in sectors left by aging populations or whether the
broader economies will have to adjust to changing demographics.