According to the Office of National Statistics the population in the United Kingdom is ageing. The group with the highest growth in population is the over 85’s, with the population rising to 1.2 million by April 2006.
However, the population aged under16, fell by 19 per cent across the same period, to 11.5million. The growth in over 85 year olds is a result of improving survival and baby boomers reaching this age group.
Our view
This news, not unexpected, will create greater strain of healthcare resources as well as there not being enough workers to pay taxes to fund the system. Expect greater pressure of assets and means testing to fund care fees when you are older.
Useful links:
Learn more about this and related topics in the Care Fees Adviser Channel
Request expert financial advice now
Purchase guidance on financial planning in the Money Shop