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| === Looking Forward=== | === Looking Forward=== | ||
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| == Implications of an ageing retiree population on overall society (Stephen's Section) == | == Implications of an ageing retiree population on overall society (Stephen's Section) == | ||
Revision as of 01:07, 1 November 2011
Contents |
Group #13 "Baby Boomers in Canada: A retiree nation"
- 1. Kalyn Kraul
- 2. Stephen Lachan
- 3. Lauren Jefferies
Implications Of Aging Retiree Population on Younger Generations (Kalyn's Section)
The Canadian baby boom began in 1946 and continued though to 1964 [1], and the magnitude of births during this time has greatly impacted various aspects of Canada (#2). According to demographic estimates, it is predicted that in 2021 more than 21% of the population will be 65 and over (#10). That means that one in five will have reached this age (#6, #10) in just 10 years. At the present time, the first wave of this massive cohort is just reaching retirement age as many of them are turning 65 this year(#2).
As the aging baby-boomers begin retiring, the effects on the overall economy will be substantial [2] . This is of great concern to the Canadian government, policy makers, researchers, employers and workers (#6, #10). The effects of these changes will be widespread and will impact Canadian lifestyles and policies in varying degrees (#10). Recent research has focused mainly on the baby boomers themselves. However, it is essential to investigate the ways in which these demographics will affects the younger generations as well. There are economic and social consequences of population aging that felt by the younger generations. More specifically, there will be greater opportunities in the workplace and increased pressure to look after older family members.
Economic Implications: Workplace
Social Implications: Caregiving
Looking Forward
The Elder Perspective
Implications of an ageing retiree population on overall society (Stephen's Section)
Since the first baby boomer was born in 1946, the group as a whole has profoundly altered the demographic landscape of Canada throughout every life stage. In 2011, the first baby boomers reached retirement age, and as this disproportionately large cohort continues to age and exit the workforce it will undoubtedly alter Canadian society in a variety of ways. Since fertility rates have greatly declined in the post-baby boom cohorts, and life expectancy is projected to keep increasing, the effect of the baby boomer generation on society as they proceed to later adulthood will be especially pronounced. Future societal change predictions and implications as a result of the increase in retirees will be reviewed -namely, the effects on the Canadian economy and pension, Healthcare services, as well as future directions and potential solutions.
Economy/ Pension
As mentioned, the baby boomers represent a disproportionately large subset of the Canadian population, and as these older adults reach retirement age it will affect the Canadian economy and workforce. More older retirees will likely be relying on government pensions, which is already approaching over-extension. [3] Exacerbating this is the fact that there will be less adults working as a result in the increase in retirees, and as such there will be less money being taxed for pension and other social programs. [4] This may result in a need to cut governmental spending and social support.[3] Such cuts may also exacerbate poverty rates among the elderly, especially those who are most vulnerable.[5]
These concerns implicate all of society, as younger generations may expect to pay more in taxes and may anticipate receiving less government support when it is time for them to reach retirement age .[6] This is likely to affect consumer spending and savings patterns.[3] Research from the Unites States has also suggested that inter-generational conflict or tension may arise as a consequence of the strain the baby boomers will place on government programs. [7] Though Canadian research on this phenomenon has failed to identify such tension patterns, it is worth considering that tension may emerge as the proportionately larger Canadian baby boomer population continues to age. [7]
Healthcare
Compared to other developed nations, Canada is a welfare state, and as such the government provides basic healthcare for all citizens. [4] As a result, the effect of the baby boomers on our health care system will also likely be quite profound. As illustrated, Canada's healthcare spending has increased steadily, and it is projected to keep increasing. [8]
Though one may not expect to see health care spending increase in a society with a slow growing population, however not all health dollars are spent equally across age groups. [8] As Image 2 illustrates, older adults use much more health services. [8] This is not surprising, as older adults are more likely to suffer chronic illness and disability, and are also more likely to require extensive health care during the end of life.
It is also likely that demographic shift to a retiree nation in Canada will greatly alter the structure of the health care system. It is projected that physicians will be in shortage and therefore unable to respond to the increase in demand from seniors.[9] This will probably lead to a much higher doctor to patient ratio, and will utilize the labour of nurses and nurse practitioners to administer care more often. [9] In order to best serve an aging population, Canada's health system will also require a great number of direct care workers such as home health aides and nurse's aides. [10] These workers will be responsible for the day-to-day care of many seniors, and they will play an important role in Canada's healthcare system of the future. [10] However, this quota will not be easy to fill, as direct care workers are often overworked and underpaid. [10] It is important to also consider that less people working will mean less taxable income contributing to the provincial and national health funds, which in turn may affect health services. This is a good illustration of the complex intersection between the high rate of societal retirement, the economy, and the functioning of social institutions.
Potential Responses
Several solutions have been proposed to help offset the effects of the baby boomer generation leaving the workforce during retirement. One of which is an increase in the retirement age, which would require older persons to work for more years, therefore decreasing the amount of years on pension, and increasing the amount of revenue coming in to the government.[4] This may be a viable way to capitalize from increased life expectancy.Great strides are expected to be made in North American medicine in the coming decades, and it has been suggested that healthcare advances will increase the average life expectancy to over 80 years for males and 86 for females. [3] The pension age of 65 was originally designated during a period in which relatively few survived into their 70's. [3] In modern society most can expect to live well into their 70's and even 80's, thus raising the age of retirement may restore the pension system to a relative equilibrium. However, not all view this as an ideal solution, as it may force unskilled older workers into minimum wage or high stress service jobs, profoundly diminishing the quality of life for many seniors. [5][11]
Canada may also try to increase acceptance of skilled immigrants, which would require dramatic changes to immigration policies. [12] Such changes would ideally try to reduce the hundreds of thousands of backed up perminant immigration applications and nearly five year waiting periods, and balance grants of residency on the basis of labour skills and economic need, as opposed to soley education and family ties. [12]
Notes and References
- ↑ Dohm, A. (2000). Gauging the labor force effects of retiring baby-boomers. Monthly Labour Review, 17-26.
- ↑ Dohm, A. (2000). Gauging the labor force effects of retiring baby-boomers. Monthly Labour Review, 17-26.
- ↑ 3.0 3.1 3.2 3.3 3.4 Harper, S. (2010) The capacity of social security and health care institutions to adapt to an ageing world. International Social Security Review, 63, 177-196.
- ↑ 4.0 4.1 4.2 Kim, K., & Lee, Y. (2008). A qualitative comparative analysis of strategies for an ageing society, with special reference to pension and employment policies. International Journal of Social Welfare, 17, 225-235.
- ↑ 5.0 5.1 Browdie, R. (2010). The future of aging services in America. Generations, 34(3),56-60.
- ↑ Hirazawa, M., Kitaura, K., & Yakita, A. (2010). Aging, fertility, social security and political equilibrium. The Journal of Population Economics, 23, 559-569.
- ↑ 7.0 7.1 Foot, D. K., & Venne, R. (2005). Awakening to the intergenerational equity debate in Canada. Journal of Canadian Studies, 39(1), 5-21.
- ↑ 8.0 8.1 8.2 8.3 8.4 Canadian Institute for Health Information (2009),National Health Expenditure Trends, Ottawa, ON: CIHI.
- ↑ 9.0 9.1 Lawrence, D. M., (2010). Healthcare for elders in 2050. Generations, 34(3), 82-85.
- ↑ 10.0 10.1 10.2 Seavey, D. (2010). Caregivers on the front line: Building a better direct-care workforce.Generations, 34(4), 27-35. .
- ↑ Powell, J. L. (2010).The power of global aging. Ageing International, 35 1-14.
- ↑ 12.0 12.1 Olijnyk, Z. (2007). Give us your skilled. Canadian Business, 80(20), 78-85.
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