A Pew Research Center report looks at the challenges of aging in 21 countries.
Americans are less worried than people in other countries about the challenges posed by an increasingly aging population, according to a new report.
The report by the Pew Research Center, released today, combines survey data about aging and retirement in 21 countries with an analysis of United Nations data on the world's populations and how they will age. More than 22,000 people were surveyed in 2013 on issues such as whether the aging population poses a problem for their country and who is responsible for elderly care.
Many countries are expected to face an increase in public pension and medical expenditure costs as their people age, and governments worry that a growing population dependent on a shrinking workforce will cause an economic slowdown, the report concludes.
In the USA, health care costs are set to double to almost 15% of the gross domestic product, partly because of aging and inflation, according to the report.
Concern was highest in regions such as East Asia and parts of Europe, where the percentage of older people will be greater than other countries by 2050. Almost 90% of Japanese surveyed worried about the aging population, and half of those in Germany and Spain are worried, the survey found. On the opposite end, only 26% think the aging population is a major problem for the USA.
Population growth between now and 2050 and a country's economic outlook dictated how anxious residents were about the effects of an aging population, said Rakesh Kochhar, the lead researcher on the study at the Pew Research Center.
"The growing number of older people in a country's population is believed to be less favorable to economic growth," Kochhar said. "Less workers, … less output."
According to a U.N. analysis of 60 years of Census data, the global population of those 65 and older is expected to triple to 1.5 billion by 2050. Paired with long-term declines in birth rates, more countries will have more adults 65 and older than children under 15.
"While the U.S. is aging, it's not at the same rate as the rest of the world," Kochhar said. "Americans are more optimistic and least likely to say the growing number of older people is an issue."
Kochhar said immigration also plays a part. An influx of people coming to America could lessen the dependency of older people on younger workers.
The U.S. population is set to increase 89 million to almost 401 million people by 2050, while countries such as Japan, China, Germany and Spain will see declining populations, according to the report.
In 13 of the 21 countries surveyed, respondents said the government had a key responsibility in caring for the elderly. The U.S. is one of only four countries — joining South Korea, Germany and Britain — where more than one-third of those surveyed believed the elderly should be financially responsible for themselves. In the U.S. 46% said the elderly have responsibility for their own care.
That burden increasingly is falling on family members, according to Katie Sloan, executive director of the International Association of Home and Services for the Aging.
"Americans are pretty unprepared for their later years and particularly for the potential need for long-term services and support," Sloan said. "As people live longer and Baby Boomers grow older, health care will increase enormously, and what is not well understood by the American public is the majority of those costs are largely borne by family members."
Kochhar said Americans are still a little burned from the recession.
"While the study reflects Americans optimism about the future, it's really a diminished finding compared to pre-recession surveys," Kochhar said. "Confidence is high but not as high."