A recent Social Trends report from the Office for National Statistics has revealed that within ten years there will be more people aged 65 and over, than children under 16.
Between 1971 and 2003, the number of people aged 65 and over rose by 28%, while the number of under 16's fell by 18%.
While life expectancy has increased, the report suggests that so too has the number of years we can expect to live in poor health or with a disability. The report also showed that the male employment rate was 79% in 2004, much the same as in 1984, but the female rate rose gradually over that period from 59% to 70%.
It is predicted that female millionaires will outnumber men across all age groups within 20 years, and will own 48% of the nations personal wealth.
Our view
The age timebomb is one that we all know is coming and we just need to plan well ahead for its impact.
Pensions and State pensions, as ever, will be high on the agenda.