Ageing Population: Implications for Society, Economy, and Business

This essay examines the implications of an ageing population on society and business, noting demographic shifts and socio-economic changes globally. It highlights the increasing health concerns and the need for government investment in healthcare, along with the altered dynamics of labor and financial markets. Industries like fast food and hospitality may face negative impacts, while the medical sector sees new opportunities. Countries with ageing populations, such as Japan and New Zealand, encounter challenges in resource utilization, housing, transportation, and social care. The essay suggests that an ageing workforce can limit innovation and potentially lead to outsourcing to countries with younger populations. The author recommends strategies such as population control programs, improved healthcare, financial empowerment for families, phased-in retirements, and collaborative planning for age-friendly infrastructure to mitigate the adverse effects of an ageing population, particularly in regions like London. The essay concludes by emphasizing the necessity of aligning national development policies with the needs of an ageing demographic.

ACADEMIC ESSAY
Ageing population implications on society and business

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In most parts of the world, major part of the population is ageing. This has not only changed
the demographics of the society but has also changed the socio-economic aspects of the
nations. Younger workforce promotes service sector hence giving the support to economy of
the country. This is because the health concerns are increasing in various parts of the world.
This has forced governments to invest in improving the health indexes. The labour and
financial markets have also changed as the workforce age has increased. This has also
changed the demand and needs of the people who have directly or indirectly affected the
business (Oliver, Foot and Humphries, 2014). The fast food and the hospitality industry along
with travel and tourism sector have been negatively affected by this. On the other hand the
medical and health sector have found new opportunities.
For many countries like Japan and New Zealand the government is facing problems related to
poor utilisation of resources. Housing, transportation and social care needs have also
changed. The ageing population is not supporting the housing industry as young generation
are keen to buy houses as compared to the aged ones. Younger people create more chances
for the automobile industry to sell transports. The new idea is always necessary for any
country’s developing. The ageing society does not support it a manner it has to. It will have
most severe effect on the small business enterprises as the demand will get limited (Isidaro,
2014). This will also reduce the number of new talents to be generated in the nation which
will attract outsourcing. It will favour the countries like India and Indonesia who have
relatively younger population in larger numbers (Ong, et. al., 2013). This will also have
implications on the business development as the targeted population also changes. The ageing
workforce is matter of concern for the business that is totally dependent on youngsters for
their growth like the education sector (Dhaliwal, 2016). This will also make the universities
and countries to get dependent on the international students.
In my region London, even when this problem is not bigger still it is a matter of concern. For
improving the situation better management is necessary. A control population growth
program has to be implemented along with the need of improving the conditions of health
care centres. This can also be done with the help of social workers. Apart from this UK
government could financially empower the families so that their psychology regarding the
family planning changes. Health support to the people over a certain age can be highly
beneficial. Phase-in retirements can help the country since people will have to spend less

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working hours but he will be a labour force for the country for longer period of time. This
will ensure well-being of the aged worker. Collaborative approach where planners build
transport, housing and entire cities for ageing population is required. This can be possible
after having an extensive research. The policy for development of the nation must be
according to the ageing population.
REFERENCES
Dhaliwal, K. (2016) Harmful effects of the ageing population on the economy. [Online].
Available at: https://www.kent.ac.uk/news/society/11994/harmful-effects-of-the-ageing-
population-on-the-economy.

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Isidaro, I., (2014) The Aging Population and Its Effect On Small Business. [Online].
Available at: https://www.powerhomebiz.com/starting-a-business/business-trends/aging-
population-effect-small-business.htm
Oliver, D., Foot, C. and Humphries, R., (2014) Making our health and care systems fit for an
ageing population. King's Fund.
Ong, R., Haffner, M., Wood, G., Jefferson, T. and Siobhan, A., (2013) Assets, debts and the
drawdown of housing equity by an ageing population. AHURI Positioning Paper, 153, pp.1-
103.