As South Australia’s baby boomers rapidly approach old age, who will be responsible for their financial wellbeing? What can be done now to ensure the future financial wellness of both the elderly and our economy?
The face of the South Australian population is changing. A great deal of emphasis is placed on our cultural diversity, with institutions such as banks even providing specific services to immigrants in their own languages.
But it is not just culture that is influencing our demographics. A far more important statistic is that the number of aged dependents is increasing while the younger dependents are decreasing. In fact, it is forecast that the number of people aged over 65 in Australia will double in the next 20 years.
Take a moment to let that sink in.
Just how will our world look and operate when there are more elderly than there are income-earning workers?
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