Global population ageing means that by 2050 over 60s will...

Global population ageing means that by 2050 over 60s will comprise 22% of the world population at 2 billion (Banister et al, 2012). A report prepared by the Population Division for the World Assembly on Ageing in 2002 shows that population ageing is unpredecedented, pervasive and enduring, having a wide range of consequences for many countries and governments (UN). This wide spread phenomenon, therefore has many implications and this essay studies these in terms of economic, social, environmental and health factors. It then examines the responses of governments to these challenges and the use of innovation by scientists to reduce the negative impacts of an ever increasing elderly population. One of the major economic problems†¦show more content†¦This is in comparison to the annual growth rate for the total population of just 1% (Blake and Simic, 2005). This increase, largely due to the increased numbers of people in this age group, is also a consequence of high ownership rates for the over 60 year olds. By 2030 86.8% of 62-74 year olds and 88.9% of the 85+ group are expected to own their homes (Blake and Simic). A third cause of an increased housing demand could be attributable to an upsurge in retirees purchasing second homes, either abroad or in their home country. In the UK the Survey of English Housing shows that there was a 52% increase in the number of households with second homes in 2003/2004 than in 1994/1995 (Paris, 2006). This can have economic and social implications, especially for first time buyers who are unable to afford the rising house prices and so are forced to move elsewhere. Another problem of an ageing population is the effect of the one child policy in China. After being introduced in 1979, the 4-2-1 problem has arisen (Woo et al, 2002). This reliance of 4 grandparents and 2 parents on one child has major economic and social repercussions, the most important being the lack of financial support one child can provide for 6 other adults. This is not only economically straining on the child and the grandparents and parents, but also very stressful for the child. Other social consequences of an ageing population are