Society is ageing, affecting many different areas and changing ways in which we work, save, support each other, where and how we live and how we approach planning for the future.
To give you an idea of our areas of interest, here are some key facts concerning ageing and longevity. Most of these are taken from our publications.
How long are we living?
In 1950, male life expectancy at 65 was 11 years. In the last sixty years this figure has doubled to 22, and by 2050 it will have risen to 26. http://www.ilcuk.org.uk/images/uploads/publication-pdfs/The_Retail_Distribution_Review_and_small_pension_pots_-_Policy_Brief.pdf
The number of women aged 60 and over is predicted to grow to just over 1 billion by 2050 (WHO, 2007). http://www.ilcuk.org.uk/images/uploads/publication-pdfs/pdf_pdf_191.pdf
Today there are around 10,000 centenarians, but this will rise to more than 250,000 by 2050. More generally, people aged 50 or over will comprise more than half of the adult population in less than 20 years. http://www.ilcuk.org.uk/images/uploads/publication-pdfs/The_Retail_Distribution_Review_and_small_pension_pots_-_Policy_Brief.pdf
According to estimates for 2007-2009, life expectancy at birth has reached a record in the UK of 77.7 years for males and 81.9 years for females (ONS, 2011b). http://www.ilcuk.org.uk/index.php/publications/publication_details/living_beyond_100_a_report_on_centenarians 2011
Birth rates have fallen in all OECD countries and in many, in particular the EU Member States that belong to the OECD, it has fallen below replacement level of 2.1 children per woman of child bearing age assuming no immigration (Rajoy, 2008; Mann, 2008) http://www.ilcuk.org.uk/images/uploads/publication-pdfs/pdf_pdf_182.pdf
By 2030, two-thirds of the world‘s population will be residing in cities; by that time the major urban areas of the developed world will have 25 per cent or more of their population people aged 60 and over. http://www.ilcuk.org.uk/images/uploads/publication-pdfs/pdf_pdf_188.pdf
The economics of old age
The cost of state pensions will rise from £84 billion to £116 billion within fifty years. That is equivalent to 8% of the UK's GDP, or the total contribution of financial services to the economy.
The current cost of dementia represents 1% of Global GDP and this cost is set to rise substantially. http://www.ilcuk.org.uk/index.php/publications/publication_details/the_future_economic_health_and_social_care_costs_of_dementia.
The Wealth and Assets Survey shows that the 25-34 age group is the UK‟s most indebted: a quarter of households have net financial wealth of below minus £2800.
There is evidence that the oldest old (aged 85 and over) are, as a group, at greater risk of poverty than younger older people (aged 65-85) (National Equality Panel, 2010). http://www.ilcuk.org.uk/index.php/publications/publication_details/living_beyond_100_a_report_on_centenarians 2011
Barely a third of people are contributing members of a private pension (2009/10), scheme (38 per cent of men and 34 per cent of women). http://www.ilcuk.org.uk/images/uploads/publication-pdfs/The_Retail_Distribution_Review_and_small_pension_pots_-_Policy_Brief.pdf
In 1948, when the Basic State Pension as we have it today was first introduced, average male life expectancy was just 66, compared to a State Pension Age for men of 65. http://www.ilcuk.org.uk/images/uploads/publication-pdfs/Understanding_the_Older_Entrepreneur.pdf.
Are we prepared for an ageing society?
In the Global Ageing Preparedness Index developed by the Centre for Strategic and International Studies, the UK ranks fifteenth among twenty comparable countries in terms of the impact of ageing on fiscal sustainability. http://www.ilcuk.org.uk/images/uploads/publication-pdfs/pdf_pdf_178.pdf