The Implications of an Ageing Population
The term ageing population relates to the elderly sector of a
country’s population. Great Britain’s ageing population is increasing
rapidly because of better health services and a raised standard of
living. This set to increase as the birth rate continues to grow
slowly, as the death rate is around 1% lower than the birth rate. This
gives a steady rate of growth for the overall population. All in all
the ageing population of the United Kingdom is having a major effect
on businesses and the government because of the increased numbers.
On a marketing perspective, there is more promotion strictly directed
at the elderly. This ensures that a business is not losing out on any
part of the market. The increase in ageing population has encouraged
this to happen as the growth and the projected growth of the ageing
population is set to continue and influence the market strategy of
businesses marketing their products. Compared to around a decade ago,
there are more and more adverts purely on the basis of targeting the
ageing population. A great example of this is the adverts on life
assurance. These specifically target the fifty years and upwards
bracket of the market. Although these are specifically designed for
the elderly only, the surge in advertisements on them is massive.
Another example of this is Saga insurance. They specifically target
the ageing population with their over 45 years old only insurance
policy. This is proving to be a highly successful niche market to
enter. They are targeting a small part of the whole market, however
this market is continuing to grow all the time, especially with...
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schemes can help the introduction of flexible retirement plans
enabling old and existing personnel to return back to work. This would
mean removing the mandatory retirement age and it would help meet the
shortfall in skilled workers and small numbers of staff.
Overall, both businesses and the government need to think about the
possibilities that the ageing population pose both by threat and
benefit, “The government must think much more about its strategy for
an ageing population. They need to seriously think about involving
older people in all types of services whether it is transport, urban
regeneration, health or devolution.” (Ben Harding, Age Concern). The
overall surge in the growth of the ageing population needs to be
taking seriously or possible threats could occur both socially and
economically.