Aging Population Definition
An aging population is one in which the percentage of persons aged 65 and above rises. Due to relatively low birth rates and longer life expectancies, this is a characteristic of the majority of industrial countries.
The elderly population is growing all across the globe due to declining fertility, rising longevity, and the development of big cohorts into older ages. Since 1950, the number of adults 60 and older has tripled, reaching 600 million in 2000 and crossing the 700 million mark in 2006. The number of individuals 60 and older in the globe will surpass 2 billion by 2050.
The consequences of this tendency for society are significant. The dependence ratio will change significantly, and it will be necessary to consider the expense of retirement pensions and the medical and housing requirements of the elderly. It would be incorrect, however, to interpret this pattern solely negatively. Many retirees have a large discretionary income and are a significant consumer segment, especially of leisure products and services.