Visualizing The Global Demographic Timebomb
With record-high amounts of student debt, questionable job prospects, and too much avocado toast in their bellies, many millennials already feel like they are getting the short end of the stick.
But, as Visual Capitalist's Jeff Desjardins notes, there’s another economic headwind they face as they are coming of age: the percentage of the global population that is 65 or older will double from 10% to 20% by 2050.
As millennials enter their peak earning years, there will be 1.6 billion elderly people on the planet.
SOMEONE HAS TO PAY THE BILL
Today’s infographic comes to us from Aperion Care, and it highlights how demographics are shifting as well as the economic challenges of a rapidly aging global population.
Courtesy of: Visual Capitalist
With an older population that works less, support and dependency ratios get out of whack.
After all, countries already spend trillions of dollars each year on healthcare and social security. These systems were designed a long time ago, and were not setup to work with so few people paying into the programs.
WHICH COUNTRIES FACE HEADWINDS?
While most countries face similar obstacles with aging populations, for some the problem is more severe.
The Potential Support Ratio (PSR), a measure of amount of working people (15-64) for each person over 65+ in age, is anticipated to fall below 5.0 in countries like Japan, Italy, Germany, Canada, France, and the United Kingdom. These countries will all have significant portions of their populations (>30%) made up of elderly people by 2050.
The United States sits in a slightly better situation with 27.9% of its population expected to hit 65 or higher by the same year – however, this is still analogous to modern-day Germany (which sits at 27.6%), a country that is already dealing with big demographic issues.
Here’s one other look, from our previous Chart of the Week on dropping fertility rates and global aging:
Will millennials be able to diffuse the demographic timebomb, or will an aging population be the final straw?
Source : ZeroHedge
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The baby boomers turn 70 this year. If I were a millenial and starting out in my career, I would be educating myself in a field were I would have to cater, serve, target seniors, cause that is where the money will be. The older folks just knew back in the day, hard work and how to save a dollar. They are the ones that still believe in stashing cash in the mattress. Seniors didn't spend their hard earned money wastefully. There is a lot that can be learned in the talking to seniors and what successes they achieved in saving their money. I know today's society is a much faster and so incredibly different then back in their time. Jobs were plentiful if you wanted to work, having said that, the concepts that they adopted hold value. Most babyboomers had to live through the depression from 1929-1939, I bet they could tell you how to stretch a dollar. Just my thoughts
add to the demographic changes, the absolutely disastrous employment rates across the western world, and there is no surprise about all the people telling us the system is going to crash
Always the best data from @zer0hedge. Resteemed.
Hi Zerohedge! Thank you for sharing, I'm following you now. I wish you have a beautiful day today!
Short of getting some kind of degree in Elder Care, I think today's younger generation should be looking at some not-so-mainstream income sources.
Hint: Avocado trees take a long time to grow to the point where they can bear fruit, so don't plan on starting an Avocado Farm.
Maybe something like Steemit?
wow, this is a really great article. speechless...
Muito bom
So apparently the projections are that Africa will still be in lots of trouble in 2100, considering that they'll only have perhaps 10 or 20 elderly persons per 100 workers. Those things can be self-fulfilling prophecies.
On the other hand, elites are probably working right now on drastically bringing down that number in wealthier nations.
Interesting too are the different rates of full retirement between men and women in different countries. In Europe, Russia, Autralia and Canada, not even 20% of men or women over 65 are working, but in the U.S., Japan and a couple of European nations, at least 20% of the men are.
Interesting, world is self regulating, preventing overpopulation, we don't know what will bring the future.