Analysis suggests that a rise in retirement age may be necessary to combat shrinking workforce
Trustees Agenda posted on 6 August, 2018
Due to a potential fall in immigration numbers following Brexit, the British working age population could begin to shrink in just nine years' time. This would lead to economic stagnation and place further strain upon Government finances as a larger number of pensioners would need to be supported by fewer workers.
According to an economist and demographics expert at HSBC, the main viable solution would be to increase the retirement age to 70. However, he recognised that this option was likely to be unpopular with politicians and voters. He concluded by stating that there was a need to 'accept we are all going to have to work longer or get massively more productive, or we're going to have to have more babies, or be open to migration, or be poorer. that is the alternative.'