This episode of 'Insight' on SBS - screening tonight - will focus on Australia's ageing population.
One of the guests is Melinda Howes.
Melinda is paid to think about the future and work out what the risks and opportunities are around the big issues we face. She is CEO of the Actuaries Institute, which released a recent white paper on “Australia’s Longevity Tsunami”.
“Of all the humans who have ever lived to age 65, half of them are alive today,” she says. “The concept of retirement will disappear; people will dip in and out of the workforce.”
Melinda was interviewed here by 'Our Sandwich Generation' blog on the issues we face as a nation, in line with tonight's 'Insight'.
Tell me how you think Australia’s ageing population will have a huge impact on Australia’s way of life, in so many ways.
One of the guests is Melinda Howes.
Melinda is paid to think about the future and work out what the risks and opportunities are around the big issues we face. She is CEO of the Actuaries Institute, which released a recent white paper on “Australia’s Longevity Tsunami”.
“Of all the humans who have ever lived to age 65, half of them are alive today,” she says. “The concept of retirement will disappear; people will dip in and out of the workforce.”
Melinda was interviewed here by 'Our Sandwich Generation' blog on the issues we face as a nation, in line with tonight's 'Insight'.
Tell me how you think Australia’s ageing population will have a huge impact on Australia’s way of life, in so many ways.
If we are fit healthy and mentally acute until our 90’s or 100’s,
this will impact how we work – how long we work for, work patterns, number of
careers during our working lifetime. We will have multiple careers (and
probably also multiple marriages!) and will have periods of retirement or
flexible work when it suits us. The concept of 40 years of full time work is
already a myth for many Australians, and the trend away from this will
continue.
Our infrastructure and our cities will need to work for people of
all ages. Even if we are fit and healthy, with 22% of the population aged 65+
by 2050 we’ll need fewer stairs, better access, room for mobility scooters (the
Commonwealth Games venue on the Gold Coast is already facing this challenge in
their planning locals are outraged that only a small number of scooters
will be accommodated) etc.
If we play our cards right we’ll be able to harness the experience
of our elder Australians in a range of ways – through participating I the
workforce, through mentoring younger workers, volunteering, policymaking... the
list goes on. I see a future where our elders are valued and listened to. Not
marginalised and ignored. We’ll have a wealth of experience at our fingertips.
In line with the Actuaries Institute ‘Australia’s
Longevity Tsunami’ paper, you add that “Of all the humans who have ever lived
to age 65, half of them are alive today.” Do you think people are generally
aware of this huge shift in our society?
No people are certainly not aware. We think we are going to live as
long as our grandparents, or maybe our parents, lived. We have not taken into
account the rapid rise of longevity – global longevity has doubled in the last
100 years and in Australia since the late 1800’s it’s risen by 30 years.
Even if we look at the life expectancy statistics put out by the ABS
(life expectancy at birth of 79 for men and 84 for women), these are misleading
and do not paint a true picture of how long we will be living. Period life
expectancies (used by the ABS) are useful for comparing different countries,
but not for estimating how long an individual may love. It doesn’t allow for
future improvements in our longevity.
Using COHORT life expectancy gives a better picture. The Australian
Government Actuary estimates that today’s 65 year olds ON AVERAGE will life
until 86 for men and 89 for women. So today’s 65 year old men will live TWICE
AS LONG IN RETIREMENT as they may be expecting if they read the ABS stats (from
65 to 86, when they were expecting 79).
And these is more. By 2050, 65 year olds will be living to 92 for
men, and 93 for women.
But that doesn’t allow for some of the drugs and medical
breakthroughs that were discussed in the program. If Dr David’s anti-ageing
drug comes onto the market, life expectancies could jump up much more quickly
than the above projections suggest.
'Insight' is hosted by Gold Walkley Award-winning journalist Jenny Brockie and airs every Tuesday at 8.30pm on SBS ONE.