Additionally, the absolute numbers in England should raise an alarm for policy makers due to the increase from 7.8 million people aged over 65 years in 1996 to 12.4 million by 2031. An increment of 60% is overwhelming proportion when compared to other age group structures in the UK population.
National Health Service (2015) report per capita consumption of health care by older people is 3-5 times higher than for young people. The report also indicates that People over 65 years in England occupy two-thirds of the hospital bed-day. The costs come from the burden of dealing with dementia, chronic heart disease, stroke and cancer for the older generation (NHS, 2015). The reported healthcare cost does not take into account the continuing care for the young generation provided within the hospital and home settings. Therefore, it is assumed that continued population ageing will inevitably result in increased healthcare costs.
United Kingdom performs better in terms of life index and overall well-being. OECD estimates that 71%percent of people aged between 15-65years have paid jobs. However, the UK total fertility has been 1.8 children per woman since 2001 but the ONS has confirmed that the rate has fell below threshold replacement level in 2012. Therefore, there will an imbalance between the young and the older generation in the economy. The UK current welfare operates on the principle that the text and pension contributions of a large workforce fund the National Health Service (NHS) and the pension requirements of the retired segment. The statistics highlighted have resulted in 3.2 people of working age for every person of State Pension Age (SPA) or older. The working age is projected to fall to 2.9 by 2051. The parliament also estimates 10.7 million people expect inadequate retirement incomes leading to a problem in retirement and pension benefits for the older generation by 2051. Therefore,