THE "writing is on the wall for younger generations" who face working longer to fund a 30-year retirement, it was warned last night after the scale of Northern Ireland's ageing population was revealed.
Concerns have been raised about the "profound changes" expected by the increased life expectancy and declining birth rates with more demand to be heaped onto the healthcare and pensions systems.
The figures, published by the Northern Ireland Statistics and Research Agency, show the population of Northern Ireland is projected to reach two million people by mid-2040.
However, this population will be older on average than ever before, with the number of people living to their 80s predicted to double in the next 25 years, while those aged over 65 will increase by 65 per cent by 2037.
Other projected figures suggest over the next 25 years there will be a 5.8 per cent reduction in the number of children as well as a 2.6 per cent decrease in people aged 16 to 64 years.
The increase in those aged over 65s combined with a projected reduction in children will lead to pensioners exceeding the number of children from mid-2028 onwards.
The proportion of the population aged 85 and over will double from two per cent to 4.1 per cent.
Concerns have been raised about how the increased life expectancy combined with declining birth rates will lead to more demand for healthcare and pensions.
There are also fears that an ageing population could lead to a shortage of workers with a higher burden on the shrinking working population.
Commissioner for Older People for Northern Ireland, Eddie Lynch, said action is needed to prepare for the ageing population.
"Not only are people in Northern Ireland living longer lives than ever before, by and large they are also living in better health," he said.
"A few years ago this office produced a report which showed that the total net value of the contributions made by older people will be £24.7 billion over the next 50 years - so society is definitely going to benefit from our older population.
"Of course there will be many older people, particularly those aged 85 and over, who do need more care and it’s really important that all of the support that they need is in place.
"Government needs to properly plan and prepare for our ageing population so that all of the services and support required by older people is available to whoever needs it, when and where they need it."
Dr Paula Devine from Queen's University Belfast said: "We have to think about the growing population aged over 85 and how this will change society - people will need to work longer not just because they can, but because they have to.
"We need to consider our health care system and how we are going to pay for it and also who is going to work in that sector.
"There's also the issue of the state pension age, which is getting higher and higher.
"Government needs to think about these issues of an ageing population - there has already been a great deal discussed about it, but it appears to be all talk and nothing is actually being done.
"We need to start addressing what can be done and who is going to pay for it,"
Financial expert Steven Cameron from Aegon said there will be "profound changes" ahead.
"It’s great that on average, we're living longer but this has its own challenges including the need for a new deal on social care costs and a far greater focus on retirement provision," he said.
"Over the coming decades we’re likely to see profound changes to the way in which people work and save, with many more people transitioning gradually into full retirement and greater take up of part time work.
"With the proportion of the population aged over 85 expected to double over the next 25 years, the writing should be on the wall for younger generations who should be planning to work longer or to fund what could be a thirty year retirement."
