ABSTRACT
The world’s population has been undergoing a dramatic demographic shift: people are living longer and, increasingly, having fewer children. As a result, the population profiles of countries around the world are changing radically. The United Nations (UN) estimates that, currently, 11 per cent of the world’s population is aged 60 and over while 26.9 per cent is 14 or under (UN Population Division 2009). By 2030, only 22.7 per cent of the world’s population will be aged 14 or under, while 16.5 per cent will be 60 and older – and more than 2 per cent will be aged 80 and over (UN Population Division 2009). By the year 2050, the world will reach a major demographic milestone: in that year, the percentage of the population aged 60 or over will surpass that of the population aged 14 and under (21.9 per cent and 19.6 per cent, respectively) (UN Population Division 2009).
