The State of Ageing in 2019 report from the Centre for Ageing Better states clearly that “We are living longer than ever before and the age profile of our society is changing rapidly. The number of people aged 65 and over will increase by more than 40% within 20 years, and the number of households where the oldest person is 85 and over is increasing faster than any other age group. These changes have profound implications for each of us, as well as for government, business and civil society.”
Peter Barnett, Chair of the Advisory Board to the Society of Later Life Advisers (SOLLA) says that “… families will have faced, and may still face, changing financial circumstances. Thus, both from a health and old age benefits perspective, they may be obliged to interface with a public health and welfare system that will be stretched to the limit to meet its obligations to those with little or no savings or assets to fall back on. Therefore the state will be presenting a very hard face to those it feels do have, or should have, sufficient assets to fund themselves, especially when it comes to care fees funding.”
This is a very loud warning to us, with the implication that businesses who employ people aged up to 65 will find those employees need more flexibility to cope with the caring challenges they face, whilst needing to continue to work, be productive and earn income to support their ageing families. There are Health and Wellbeing issues in the workplace linked to this that will also need addressing by businesses.