FINANCIAL STABILITY

Financial stability of Old Age People in Britain: Comparison from Past

Financial stability of Old Age People in Britain: Comparison from Past

Introduction

The population of Britain is ageing throughout the developed countries. In the research between 1971 till 2010, it is found that the population aged 65+ is increased by 31%. On the other hand, the portion of teens has declined by 19%. By seeing the current situation it is anticipated that by 2020 one third of the population would be covered by the people age above 50. One of the main reasons for this is that average life expectancy has been increased in recent decades. In 1981, the average expected life of the people were used to be 77 years. In 2008, the average life expectance of the people rise till 84 years for women. From 1971 till 2008, the averaged expected life of men has been increased from 71 till 81 years (Thane 1990, p. 283).

It is predicted that the trend will continue. On the other hand, the fertility rates have decreased below the level of replacement. In the result of this the demographic support ratios are decreasing. In 2006, the working age was 3.3 people for every person in the state. Currently it is predicted that till will fall till 2.9 by 2031. In short it is seen that the ageing factor in Great Britain in rising. The scope of this report is to find out that the current financial status of the old age people in British now days. The current status will be compared by the financial status of Old age people in past in Great Britain. The comparisons will be done on the basis of reasons that why there is a difference in their financial stability. In this report reasons for their difference will be found and they will be evidence based (National Assistance Act 1948).

Financial Stability of Old Age in Great Britain

The main focus of this report is on the financial stability of old age people in Britain now days and in past. According to the research it is found that there is a great difference in their financial stability. There are many factors behind this difference. Most of the main reasons come under the benefits received by the old age people. The benefits include here are pensions, savings, allowances, health care, housing, tax, social funds and many other benefits. These benefits play a great role in the financial stability of old age people. According to some researches it is found that the current position of the old age people in Great Britain is not good enough. There are many areas where improvement is required. It is seen that there are many requirements and needs of old age people which are not meet (Halsey & Webb 2000, p. 526).

Governments are continuously working on the benefits of old age and increasing their benefits to improve their financial stability. Government cannot improve and give all the facilities at ...