Prepare Well to Survive in an Ageing World

The world ages every day as it travels through the solar system and so does everyone on it. In the UK the average age of the population is advancing, too. According to the Office of National Statistics the average age was 39-years-old in mid-2007, up from an average 37-years-old a decade previously.

Not only are we all advancing in age but during 2007 the total number of pensioners in the UK became greater than the total number of under-16s for the first time since the National Statistics Office started keeping records. That trend is predicted to continue and as the number of pensioners increase, marketing professionals have been busy. They have identified not only that the average age of the population is shifting, but that many older people have incredible buying power, which has resulted in more companies now targeting their products and services at the so-called silver generation.

That generation includes babies born just after World War Two and who are soon to enter into retirement. During their lifetime a significant proportion of this age group bought houses at a time when values were relatively low, however now those properties have appreciated and are now worth a considerable amount. In addition, a smaller proportion have bought second homes, either in this country or abroad, and those who were lucky enough to be in corporate final salary pension schemes are expecting to see their pension income grow in line with inflation.

In addition to considerable material wealth, the older generation is healthier and living longer than ever before. Those now aged between 65 and 74 are much more likely to survive than their counterparts from a century ago. In fact the mortality rate for that age group has fallen from 57 deaths per thousand in 1911-15 to just 19 per thousand in mid-2007.

However, although that generation and the one after may have benefited from huge growth in the property market over the years, younger people may not be so lucky. One truism that certainly applies is that no two days are ever the same. No one can accurately predict the future and the wise make preparations for unexpected events. Whether that is setting aside sufficient funds to pay for healthcare or other crises in later years, or simply taking out specialist over 50 life insurance to ensure that enough money is left behind to pay for a reasonable funeral.

Planning for the future is vital for us all, especially in these times of financial turmoil and economic uncertainty. Certainly, regardless of age, we should all be giving serious consideration to how we will provide for our retirement years. That is because if we leave it too late there won’t be any prospect of happy retirement; we’ll just all need to keep on working until we drop.

Daniel Collins writes on a number of topics on behalf of a digital marketing agency and a variety of clients. As such, this article is to be considered a professional piece with business interests in mind.