Japan?s Growing Older Population Putting Pressure on the Economy
Japan?s Growing Older Population Putting Pressure on the Economy
The elderly in Japan (as in most Asian cultures) are considered national treasures. They are treated with honor, and their wisdom and experience are greatly respected. However, with a declining birth rate, combined with the fastest ageing population in the world, Japan?s economy is starting to feel the pinch of having to support ? even partially ? its elderly.
One in six Japanese today are over the age of sixty and the country boasts over 2 million citizens over the age of 80. That is not to say however, that the aged don?t play their part in contributing to the national economy. Japanese tradition dictates that the eldest son or his wife cares for the old person and, even in modern times, this tradition is fiercely upheld. In fact 93% of Japanese who are over 60 live at home or with relatives. These senior citizens usually contribute greatly to the running of the homes they live in, allowing the younger members of the family to focus more on their careers and earning a salary and thus contributing to a smooth-running economy.
However, the government is seeing an increase from recent years in the number of elderly being cared for in nursing homes or welfare facilities, with the costs split between the aged, their family and the government. As Japanese citizens live longer and their number increases over time, more and more pressure will be put on the country?s economy to provide care facilities. Thankfully, the trend is still much in favor of finding a solution within the threshold of the family home, thus saving the taxpayer money for the time being.
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