IELTS Cambridge 18: Living Longer / An Ageing Population

Vocabulary

What do the words in bold below mean? Make some notes on paper to aid memory and then check below.

It has become increasingly common today for individuals to live longer than they did in past generations. Although many point out that ageing populations hinder a nation economically, I would argue that the benefits for society as a whole overshadow these perceived drawbacks.

The main reason that many fixate on the negatives associated with an ageing population relates to the financial implications. Governments and companies must both take into account the age of their population and plan accordingly. For instance, Japan has a famously old population that requires the government to make budgetary allowances for better healthcare and shortages in the labor force. The economy more generally in Japan must overcome a shrinking consumer market as young people are more likely to shop, travel, and spend freely. This same situation applies to varying degrees in nearly every country around the world at different moments in their history.

However, the economic effects of an ageing population are less important than the value of older generations. In most societies globally, young people are more progressive and push society forward. Older generations typically serve as a stabilizing ballast that keeps forward momentum from becoming too chaotic. This can take the form of advice given by elders within families to young people or more broadly across the entire political spectrum of a country. Although this conservatism can feel limiting to younger generations at first, most would admit as they get older that the influence of more experienced and wiser family members was generally positive on an individual and societal level.

In conclusion, despite the economic repercussions of older population demographics, I believe that the less tangible benefits for families make this a positive development. Naturally, there are legitimate downsides that must be collectively managed by governments and individuals alike.