Age Problem

Most countries around the world are experiencing low or declining fertility and mortality, which results in a growth in the number of aging populations. The proportion of Hong Kong citizens aged 65 and over is expected to increase from 9.8% in 1995 to 24.8% in 2033 which brings numerous challenges to the society and the economy. In this essay, the causes of aging problem are first presented, followed by the major impacts associated. A conclusion is drawn after a series of measures..

It is the high cost that causes couples not to give birth. According to the government statistics, the fertility rate of Hong Kong has plunged dramatically, from 3 children per woman during 1970s to 0.966 children nowadays. The finding is not surprising since high cost of living forces both couples work outsides. In other words, time spent at home is sacrificed. In addition, the expenses of raising a child nowadays are about 4 million dollars which may deter young couples to have children or decide not to become parents.

Economic growth is the basis for improved health and life expectancy. With reference to UN World Population Prospects (2008), the life expectancy of Hong Kong residents is the second longest among cities. Owing to the substantial improvement in living conditions and health services, the life expectancy of female residents have risen from 78.4 in 1983 to 86 in 2013 while 72.3 to 80 for the male.

There are three major impacts brought by the aging populations. The first one is shrinkage in the workforce. It can be subdivided into 2 aspects, retirement of experienced experts and shortage of young talents. The former born in between 1946 and 1964 which is named baby-boom years, are probably senior managers or highly qualified experts of organizations. Once they reach the traditional retirement ages which indicates companies will be unstable due to their large-scale retirements. The latter is not sufficient to fulfill the market demand. Due to low birth rate, the... [continues]

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