For the first time, the UK has more people of pensionable age than children under 16, the Office for National Statistics has revealed.

Confirmation of the ageing nature of Britain’s population comes as the decline in mortality rates seen in the second half of the 20th century is shown to have accelerated during the last decade.

The number of people of state pensionable age, currently 65 for men and 60 for women, rose by 1.9 per cent last year to 11.58 million.  they account for 19 per cent of the population, overtaking the 11.5 million children under the age of 16.

The statisticians also identified the over-80s as the fastest growing age group, saying they accounted for over 5 per cent - or 2.7 million of the population. Whilst increasing longevity is a fact with the average Briton getting older, one of the major downsides is that people are facing longer periods of ill health in later life. Consequently, we must face up to the reality of an ageing population. in 20 years’ time it is estimated that 2 million more people will need help with dressing, washing, shopping, eating and other daily tasks.

The changing age structure of our population points to the need for understanding more clearly the fact that one in two of us may require specialist care and help in later life and this raises the question: who is going to pay for this? Currently, if you have assets in excess of £23,500, then you will be expected to pay for care yourself until such time as your assets fall below this figure.

And with care fees costing anything from £20,000 per annum upwards, these are not small amounts of money.  According to recent reports, paying for care results in some 45,000 families each year having to sell their homes to meet these bills.

Time to consider options

Mature Times, along with Universal Group feels it is now time to consider the options and solutions available for paying for care in later life.  

A series of free seminars hosted by Universal Group was featured in the June edition of Mature Times.  These were very well attended and evidenced the need and desire amongst MT readers to seek practical solutions to this vexing issue.

As a result, we are pleased to announce that additional seminars have been arranged for our readers.  These are hosted in association with Universal Group.  Chief executive, Steve Stapleton, pointed out that ‘the current system was “confusing, unfair and unsustainable” and added that the astronomical costs of care was what stopped people from planning for the future.

‘It is clear’, says Steve, “that ‘a shared responsibility model is what is required here. We invite the financial services industry to consider the opportunity of sponsoring these meetings which are aimed at removing uncertainty and anxiety for the elderly and, more crucially, to enable them to plan ahead. 

“After all, passing on the rewards of effort from a working life, be it savings, or one’s home, is only human. Yes, caring and professional advice is at the heart of encouraging all families to consider their future and we want them to come forward if they wish to get involved.”

So what do I do next?

Simple – just call 0207 183 2953 – register for any of the seminars on the right – and don’t forget you will need to quote mt10/11.  All seminars are free to attend and you will receive a free DVD on the day.

More seminars are being added all the time around the country, so if you cannot make any of the above seminars please call 0207 183 2953 to find out when the next one is being held in your area.