The aging population is a universal phenomenon where different countries of the world are experiencing boost up in the normal age of its people regarding with an overall growing percentage of seniors in the population of the world. There are certain pros and cons of this phenomenon. Aging population leads to rising group of volunteers in the financial system. This has been recognized as a worldwide benefit where the aged add complimentary struggle to society and government ventures after leaving. These aged people are additionally contented economically and locate contentment in giving back to their societies and countries. Though, the statistics are less in developing areas of the world where several older people are still contending with young people for justifiable rewarded jobs due to unsatisfactory pension to cover up the expenses. There are some elders who cannot leave or they possibility dying of lack of food because of no other source of income.
Additionally, an aged people also boost up the struggle for employments, particularly if the age of their retirement is comprehensive. In this way, the labor supply increases and youth get it more difficult to be employed because seniors have a longer time to retire from their job. Therefore, it causes certain flaws in the system because it will not adopt innovative tools and techniques to compete the rivals.
In my opinion, it is complicated to accurately identify whether the pros and cons for an aging population will happen alongside with their scope and extent (Healy J. 2012). For example, it is no way to find out the level or extent as to which medical expenses will rise up and after that to aspect in relation to the development, corresponding with the enhancement, makes it further tricky. It will also lead to uncertainty for future economic growth and no innovations in the existing systems.
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