Kindly supported by IndependentAge
Date: Tuesday 16th September 18:00 - 19:00
Location: Royal Bath Hotel Mirabelle
Speakers: Paul Burstow MP Baroness Greengross Christopher Manthorp, Director, Older People’s Services; Epic Trust; and Guardian Simon Bottery, Director of Marketing and Communications, IndependentAge
Chair: Simon Griffiths, SMF
It has long been acknowledged that the UK faces growing problems in providing for a rapidly aging population. The percentage of the population aged over 65 is projected to double by 2050 and people are expected to live much longer with some models suggesting that by 2050 people could expect to live for nearly another 30 years once they reach 65. Quoting the Pensions Commission in a Social Market Foundation report in May 2007, Lord Andrew Turnbull, stated that, should present trends continue, the percentage of their lives that people spend not working will rise from 17% in 1950 to 37% in 2050.
These demographic trends are also likely to have an impact on already stretched health and social care provision.
Relative to the population in general those on fixed pensions can see their wealth decrease rapidly and thus their spending power is severely affected. Coupled with this is the disproportionately rapid rise in the cost of things that older people spend their money on when compared with the goods that those of a working age buy – i.e. the cost of paying for a gardener to tidy a garden that someone can no longer tidy themselves increases faster than the cost of buying a new oven.
A related issue is that of a fulfilling retirement. Many people could and would like to remain in some kind of employment after retirement age. A large proportion of retired people are highly skilled and experienced and potentially have a large contribution to make to both the economy and society. A flexible involvement in the workforce would also deliver benefits for individuals’ wellbeing and avoid feelings of isolation.
Much debate has, to this point, revolved around financial preparation for retirement (for example encouraging people to save more during their working lives in order to afford a decent lifestyle and increasingly their care needs) and to a lesser extent about people’s health in old age. A separate debate needs to be had about the roles and responsibilities of the government, individuals, families and charities in providing wellbeing in later life.
Wellbeing is a nebulous term and will mean different things to a diverse range of individuals. However as its very basic minimum it ought to include being able to afford a life at subsistence level, paying for weekly food needs, utilities, transport to visit friends and family etc. Not all older people in the UK live at this subsistence level and pensioner poverty is one of the great failings of this nation. But who is responsible?
Possible questions for debate: