With widespread fall in fertility rates and significant rises in life expectancy, the median age of Britain’s population is rising. Today, for the first time in history, Britain’s over-65s now outnumber people under the age of 16. This ageing population trend is being made worse by the inevitable retirement of the so-called baby boom generation over the coming decades. The baby boomers were born during a period of rapid population growth and social change between 1946-64, with 17m births recorded in Britain alone during this period. Those born at this time are now beginning to reach retirement age and are set to have a dramatic effect on the people, society and the economy of Britain.
There are currently 4 people of working age supporting each pensioner in Britain, by 2035 this number is expected to fall to 2.5, and by 2050 to just 2. The number of people of working age in relation to retirees is known as the ‘dependency ratio’. This ageing of populations is a global phenomenon, being witnessed not only in Britain but in such developed countries as Italy, Spain, Germany and Japan.