The increasing population of people over age 65 has impacts in social policies. If there is an increase in the numbers of elderly from ages 65 years old above, this will affect the balance between the old and younger generations. There will be an increase in older generations than the younger ones. Increase in older population will affect economic growth, because there will be more portions of people not working than the portions of people working.
It will also affect savings and consumptions of the government because the government will have to allot more funds in the health care system for the elderly or for their health insurances and for their retirement insurances or pensions. These funds could be allotted in other projects of the government if there is just right numbers of elderly but because of their increasing numbers, the government will allot more money for them. It will also affect labor markets because more investors will not invest in an area where there is an increase in the numbers of older people than the younger people and some businesses in this area might close.
There will be a decline in tax remittances of the government and if this happens the government cannot function very well. It will also affect the transfer of wealth, care and property from one generation to another generation. (“building a society for all ages”, 2002). It will also affect the composition of a family and society, more elderly will be seen than the younger ones. II. Conclusion Increase in the numbers of elderly than the younger ones greatly affect the social policies of a government.
It affects the economic growth of a country, its savings, investments, consumptions, the labor markets, taxation and the health care system. It is very important for a country to have a balance between the elderly and the younger ones so that the government ad its leaders could function well and make the country they are serving a better place to live in by all the generations and the generations to come.
REFERENCE: building a society for all ages. (2002). Retrieved March 30, 2007, from http://www.un.org/