In many countries, the trend of rising life expectancy along with the declining birth rates is causing a great impact on the population structure. This shift indicates that the larger portion of the population will constitute the older people in the future. These changes have both positive and negative impact on the development of the society.
Firstly, looking at the positive side. We would have a great mass of people with abundant knowledge and experience that could help the younger generations in multiple ways. Furthermore, the steep growth in the healthcare industry makes it possible for the elderly people to stay fit and contribute to the society to their best.
However, lack of young minds with new innovations could impact the technological advancements. . In addition, as a human grows old their physical strength also gradually decreases making them incapable of performing labor intensive tasks. Therefore, a large sector of the society would face lack of manpower, resulting in gradual decline of the economy of a country. Descending economy leads to higher taxes and would cause substantial financial setback to an individual.
Despite the extensive availability of healthcare resources, the imbalance in the ratio of younger to older generation, creates a stressful environment for the young ones as the limited caregivers for their aging relatives.
In conclusion, while older people do bring in great deal of wisdom and knowledge that could guide the upcoming generation. The and social challenges presented by the trend makes this a negative development. For any economical country to progress, balance is the key. To attain this stability, the government must encourage higher birth rates and ensure equilibrium growth of population.