Japan’s aging population, combined with a low birth rate and high life expectancy, is expected to have a serious economic impact. Only 3% of Japanese feel prepared for retirement. Many European countries and India also face aging crises. African countries have the youngest populations.
Japan has one of the oldest populations in the world: By 2020, about half of the total population will retire, a ratio that is expected to increase to more than three-quarters of the population by 2050. When combined with Japan’s low birth rate Japan and extremely high life expectancy, this trend is expected to have a serious economic impact on the country. According to a survey, only 3% of Japanese feel prepared for retirement.
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Many European countries are also facing an aging crisis. One fifth of the population in Italy, Germany, Greece and Belgium is over 65 years old.
The countries with the youngest populations are almost uniformly in Africa. Less than 2% of the population in the UAE, Kuwait and Qatar is over the age of 65. The average age of the population in most African countries is 15-20 years old.
Many countries with aging populations do not have a formal pension system. For example, India has around 300 million workers who lack access to pensions or retirement plans.
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