Britain braced for 9m more pensioners
THE UK will have nine million more pensioners within the next 50 years, official figures have shown.
The number of people aged over 65 will nearly double to more than 20 million by 2066, according to the Office for National Statistics. The biggest increase will be in the over-85s age group, which will more than treble.
The number of new pensioners will fill a city the size of London and they will all face the problem of an “underfunded” social care system.
Meanwhile, the proportion of people aged 16 to 64 is only expected to grow by just five per cent. The demographic shift will be particularly felt in rural areas, which already have higher proportions of old people. By 2039, this could rise by 50 per cent – while the number of young people living there is not expected to grow at all. Baroness Ros Altmann, a Tory peer and former pensions minister, said: “We have to ask who is
going to be caring for the huge increasing numbers of older people in rural areas, where the numbers of younger people are not increasing? We have not planned for it.
“We need to find a way to pay for care. Lots of people who think the NHS will look after them do not know how unfair and inadequate the system is.”
By 2066, the total population is expected to rise to reach 77million, from 66million today – and one in four will be over 65, according to the ONS.
The ageing population increase is caused by lower birth rates and improving mortality rates. Half of all baby girls born in 2066 will live to 100, the ONS said. Baroness Altmann warned against trying to squeeze the older population with extra taxes. “A lot of these over-65s are considered to be relatively well off and vilified through intergenerational envy.
“The Government should recognise these people have done the right thing – put money into Isas, pensions. We should not just rely on them to fund care costs, which should be spread out across the whole population.”
The ONS has also warned that rising numbers of older people are at risk of feeling more isolated. “They arguably experience more barriers to feeling connected to the world than younger people, potentially increasing their sense of isolation,” it said. “Older people are more likely to have difficulties accessing services such as GPS, hospitals, banks or post offices, particularly if they are reliant on public transport. Distances to these services may have increased with local facilities closing.”
Caroline Abrahams, director of the charity Age UK, said: “Our creaking social care system has been chronically underfunded for years and will simply not be able to cope with the extra demand an ageing population will bring, unless substantially more cash is found.
“We also need to create age-friendly communities that offer a good quality of life across the generations, by designing environments that are safe and pleasant to live in, with good local facilities and open spaces. If we can get this right it will help to sustain the health, well-being and quality of life for everyone, regardless of age.”
♦ Money lost through pension scams soared threefold in a year, figures today reveal. The average person’s loss to fraudsters was £91,000. Last year pensioners reported being conned out of £23million, up from £9.2million, with losses four times higher than in 2016.