Ireland's ageing population is set to put significant pressure on public finances, with increased costs for pensions, healthcare and long term care.
The Department of Finance has warned that pensions, healthcare and long-term care costs are expected to rise sharply due to Ireland 's ageing population. The Department of Health forecasts that the number of people aged 65 is set to reach more than one million by 2030 and up to 1.94 million by 2057. Ireland today has a relatively favourable demographic profile with a median age of 39, the second youngest in the EU. However, this is set to change significantly over coming decades.
Between 2016 and 2023, the population increased by an additional 542,000 people, or some 11.4 per cent. Projections forecast the number of people aged 65 years is set to reach more than one million by 2030 and could reach between 1.88 million and 1.94 million by 2057. As the population ages, it will have significant implications for the public finances. The Department of Finance said, in the absence of policy change, an ageing population was projected to involve additional annual expenditure of more than €16 billion in 2022 prices. Ireland’s pay-as-you-go pension system means that the burden of financing an ageing population will fall on the next generation
IRELAND POPULATION AGEING COSTS FINANCE
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