Around 10,000,000 people currently living in the UK are expected to live long enough to see their 100th birthday.
This surprising figure demonstrates Britain’s growing life expectancy and presents a number of challenges associated with an ageing population.
The UK currently has a population of 15,000 aged 100 or older, with this statistic set to rise the Government has announced it will invest over £300 million in services for the old and elderly.
A greater life expectancy increases the need for various care technologies, specific housing models and innovative retirement saving products.
To deal with the demand on the NHS, social housing and other services presented by greater life expectancy, the Ageing Society Grand Challenge will allocate £98 million for a ‘healthy ageing programme’ and £210 million for a ‘data to early diagnosis and precision medicine programme’ to improve diagnosis of disease and develop new medical treatments and technologies.
Business Secretary Greg Clark said: ‘Through our Industrial Strategy we will not only boost innovation and productivity across the UK, but we will also ensure that this government changes people’s lives for the better.
‘We are investing over £300 million into developing the treatments of the future, in new technologies that will revolutionise the way we age and provide everyone with the best possible chance to grow old with dignity in their own home.
‘By 2020 we want to be the best country in the world for dementia care and research and today’s announcement of £40 million for the Dementia Research Institute is a vitally important step on that journey.’
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While Caroline Dinenage, Minister of State for Care said: ‘As a society we are living longer – a child born today can expect to live to 100 years – but now we must seize the opportunity to improve the quality of lives lived longer.
‘With an increasingly ageing population we must transform the way we think about our work, our housing, our health, our finances and our communities.
‘These investments will not only help in our aims to make this the best country in the world to live with dementia but provide a revolutionary vital boost to develop and scale up products and services of the future, ensuring everyone can age well and live more independently throughout their lives.’