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ESRC offers new dynamics for old in UK

By 2025, the number of people in Britain over the age of 60 will outnumber those under 25. Pressure on both pensions and pensioner spending power will increase. Answers to problems//, old and new, will have to be sought.

In a move to address the issues of ageing - one of the most significant aspects of change in our lives, the Economic and Social Research Council (ESRC) is highlighting the impact of ageing on society, and offering expanded research funding to provide leading edge thinking in this highly relevant area.

Professor Ian Diamond, CEO of the ESRC says: "As a key part of our Strategic Plan, over the next two years, ESRC will spend over £2.5 million funding ageing research - in addition to our continuing responsive-mode research portfolio worth a further £2 million. We are confident that Britain's leading social-scientists will target such resources for innovative research into the challenges of ageing and understand the changes to society that will affect all our lives."

ESRC funded research has featured through the Institute for Fiscal Studies (IFS), which hosts the Centre for Microeconomic Analysis of Public Policy directed by Professor Richard Blundell of University College London alongside Professor James Banks, Director of the Centre for Economic Research on Ageing at the IFS. "Prepared for Retirement?" - new work from the IFS on the adequacy and distribution of retirement resources, has researched future wealth patterns amongst the retired, and provisions that they may make.

The report highlights that government and private pensions needs are changing, and that for the first time, retirees face less pension provisions than their predecessors; changes to working patterns will affect the balance of labour supply and labour demand amongst both young and old. The life course of the elderly changes as they work longer, contribute more to the economy, and have a wider role in the family amid increasing life expe
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