6 Benefits of an Aging Population

aging population

Did You Know The Average Life Expectancy Of An Australian Is 83 Years

An aging population means more opportunities in many areas. Compare this with just 70 years in 1960 and that the UN projects it to increase to 90 years by 2076,  and it seems clear that we will have an aging population.

What Does Aging Population Mean

Well, for a start, it means more people living in Australia – an estimated 38 million people by the year 2076. It also means more people living on the planet. A figure forecasted to rise to about 10.6 billion people if estimates are to be believed. (Currently, those figures are around 25.6 million and 7.8 billion, respectively).

However, it also means that people will need to fund their retirement for longer. The government will also have to overcome certain challenges like housing and healthcare.

That aside, researchers have discovered some clear benefits and opportunities to embrace when it comes to the increasing number of people living for longer.

In this article, we will look at them in more detail as we examine 6 benefits of an aging population.

Aging Population: Why Are We Getting Older

Before we look at these benefits, it is worth understanding why the average life expectancy is increasing.

There are several reasons for this to be the case in Australia. Not least, a much-improved system of healthcare as well as significant advances in medical technology and treatment.

However, it also includes factors like higher vaccination rates, lower mortality rates for babies and mothers and more awareness of the need for a balanced diet and regular exercise.

Other reasons, like an increasing quality of life, education on the need to quit smoking and protect yourself from skin cancer and a holistic process to aged care like this approach, have made a difference too.

Benefits Of An Aging Population

Ok, so what are these benefits and opportunities for an aging population?

Allow us to explain them to you in more detail below.

1. Longer Retirement

One of the more appealing benefits of getting older is that you should enjoy a longer period of retirement. 

With the retirement age now being 67 in Australia, people could have upwards of 16 to 25 years plus to enjoy living their life in a way they couldn’t whilst they were working.

When retired, you can concentrate on your social life at any time and day of the week. You can also pursue hobbies and interests you didn’t seem to have time for when you were raising children or focusing on your work.

They say life begins at 60. So, whether you choose to do yoga, walk on the beach, paint, draw, go dancing or watch live sports, you will have plenty of opportunities to prove this adage right.

Aging Population 2. More Quality Time With Loved Ones

Another huge benefit of an aging population is that children and grandchildren will be able to spend more quality time with their parents or grandparents.

At present, around 63% of people between the ages of 45 and 54 have experienced the death of one or both parents.

However, as seniors live longer, this figure will surely rise. Currently, the average Aussie mum is 30 years old when she has her first child. If this stays the same by the time 2076 comes around, the child will have an extra six years to spend with their parents.

It will serve to further strengthen family bonds, particularly as parents often live with a child as they get older. It will also mean that families have more opportunities to spend quality time together to make memories they will always hold dear.

Aging Population 3. Better Prepares Your Family For Your Passing

It is always sad to lose a loved one, especially a parent.

However, as they are living longer on average, it will provide them with more time to be able to prepare for their passing.

According to some studies, women reach emotional maturity at 32 years old, while men achieve it at 43. So, the longer you live, the better equipped you may be psychologically to deal with the grief when it comes.

Aging Population 4. More job opportunities

On a more positive note, you might find that there will be more opportunities for seniors in the workforce in the coming years.

As the population in Australia grows, new business is likely to pop up across the country in terms of infrastructure, entertainment venues, transport, hospitality and a range of other industries. 

Depending on your skill set and your desire to work up to and beyond the retirement age of 67, there could well be a significant spike in companies requiring the skills you possess.

Architecture, construction, retail, translators, restaurants, public relations and Uber drivers are just some of the employment opportunities for seniors to take advantage of.

Aging Population 5. Mentorship

Your experiences in life have taught you some invaluable skills.

As a senior, your increased life expectancy provides you with more opportunities to pass this experience on through mentorship.

It will be particularly beneficial to young people who may seek your perspective or judgement on various matters of interest to them. In turn, this will increase their knowledge and enhance their social awareness.

Just be mindful not to constantly overstate to them how much ‘experience’ you have or proffer advice when young people have not asked for it. That will just put them off what you have to say and is more likely to result in them not listening to it.

Aging Population 6. Keep Learning

It is never too late to start learning!

So one benefit of an aging population is that seniors can have more time post-retirement to grow their abilities and knowledge base.

Perhaps it could take the form of enrolling at a university to study that degree course you have always wanted to do. Or it could involve picking up a new skill, like being a barista or social media influencer.

Whatever you decide to do, you will have a lot more time not only available to do so. But also put it to good use in your later years.

Aging Population Final Thoughts

As you can see, there are several reasons for seniors to get excited about the opportunities that lay ahead in their future.

But at the end of the day, life is what you make it. So, ultimately, it is down to you whether you choose to embrace these opportunities or not. (It is your life we are talking about and you should live it how you want).

That said, we firmly recommend that you should embrace them. After all, life doesn’t stop at 60. It only just begins.

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