The world in 2050: Meeting the challenges of an ageing population
It is not easy to predict what the world will look like in 2050, but it is clear that people are living longer. In 2019, there were 29 people aged 65 for every 100 people of working age. In 2050, this ratio is expected to jump to 36 per 100.
The economic implications of an ageing population are significant, and at a time of unprecedented strain on both the public and personal finances, the need for a stable pensions system with a sustainable blend of state and private provision has arguably never been greater. Consequently, while the State Pension will remain the foundation of retirement savings for millions of people, the level of cover it provides and the age at which it becomes available may change. It is therefore crucial that we continue to build on the success of automatic enrolment and create a system which encourages people to put money aside throughout their working lives and helps those savings to grow as much as possible.
This event, led by Guy Opperman MP, Parliamentary Under Secretary of State (Minister for Pensions and Financial Inclusion), Department for Work and Pensions, considered what our pensions may look like in 2050 looks like based on current trajectories, and discussed what can be done now to ensure we are better prepared for the future. The roundtable was held under Chatham House Rule.
This event was held in partnership with the Phoenix Group and Standard Life Aberdeen.