The UK has a bit of a ticking timebomb on its hands: our ageing and growing population.

In 2013, a House of Lord Select Committee reported findings in their report Ready for Ageing:

Hear Lord Filkin, Committee Chairman, talk about the current state of play and what’s expected.

In a nutshell

The report is summarised well here. It reckons that we ‘are woefully underprepared for ageing’. Many will live 10 years longer than previously expected – many will live on into their 90s. By 2030 there will be 100% more people aged 85 plus: a massive increase in our older population that offers great opportunities as well as some very big challenges. If we don’t get it right, we’re storing up potential for ‘miserable crises’.

Creative ageing

We have to think outside the box to maximise the benefits of being able to live longer. We should harness the skills, knowledge, expertise and life experience of our older population. Active citizens can contribute creatively.

Finances

If we’re going to live longer how are we going to support ourselves and each other? Three areas are likely to be critical and need to be sorted out:

– pensions: funds will have to cover longer periods.
– retirement: no more ‘cliff edge’ retirement – with people working beyond 65.
– personal assets: we’ll have to save and use our own assets to pay our way.

Health and social care

We will have more people with chronic conditions that cannot be ‘fixed’. Most of us would prefer to live at home as long as possible, not live in care homes or hospitals. We need to provide the support to enable that.

Watch this space for more news.