Young people will feel burden of UK's ageing society, report suggests

"Young people will be hit hardest by successive governments' failure to focus on financial and societal challenges caused by an ageing population, a House of Lords report has suggested. They will need to plan and prepare to work longer and save more from a much earlier age, the economic affairs committee said. The report also found that the crisis in adult social care "remains a scandal" which needs to be addressed urgently."

"Policies governments have used to address the impact of declining fertility and rising life expectancy in the UK - raising the state pension age or increasing immigration for example - were not adequate solutions on their own, the report said. Getting more people in their 50s and 60s to stay in or return to work "is key", the committee said, and the government must prioritise incentives to do so. It also said an ageing population will need more care workers, leaving fewer workers for other parts of the economy."

Successive governments' lack of focus on ageing will disproportionately affect young people who must plan to work longer and save from an earlier age. Adult social care faces a crisis that remains a scandal and requires urgent action. Declining fertility and rising life expectancy create demographic pressures that raising the state pension age or increasing immigration cannot solve alone. Increasing labour force participation among people in their 50s and 60s is essential and requires government incentives. An ageing population will need more care workers, reducing labour availability in other sectors. Widespread ignorance about retirement costs warrants an education campaign and evaluation of financial services preparedness.

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