The Impact of an Ageing Population

Wesley Mission 

By 2041, the Australian Bureau of Statistics predicts that one in five people will be over 65 and 7% of the population will be aged over 80 (the fastest growing group in Australia).

There are fewer than 17 people of pension age for every 100 people of working age (18 - 64 years). But the ratio is rapidly changing, with indications that by 2030 there will be more than 33 people of pension age for every 100 of working age.

Survey result:

• almost a third of baby boomers have saved less than $2000 for their retirement, and a staggering two-thirds have parked their savings in bank accounts which are lucky to earn 3% interest.
• 28% had less than $2000.
• 19% had between $2000 and $9000.
• 20% had $10,000 - $49,000 and
• 26% had $50,000.

This is very bad news because experts are estimating boomers will need at least $1 million of assets to retire.10

The support of the elderly will require an enormous workforce.

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Read more on the impacts of an ageing popluation.

Australia's ageing population and its implication for our future

The Economic Impact of Australia’s Ageing Population