In 2020, in the meeting, the number of inhabitants aged 50 or over reached 278,000 people, exceeding for the first time the number of under-20s.
The aging of the population is expected to continue until 2050, where 371,000 seniors live on the island. Especially, the number of people aged 75 or over would triple. This aging will have consequences for the island’s economy, that a recent note from the Overseas Rapid Economic Accounts attempts to identify. On the job market, growth in the working-age population would remain moderate, limiting the number of people to be inserted. Despite the expected increase in activity rates of 50-64 year olds, the number of senior workers (employed or looking for work) would increase little. The transformation of the age structure of households could lead to, all things being equal, an increase in per capita income. In addition, pensions are likely to continue to rise as employment rates and qualifications increase. Household consumption could shift towards more services and fewer goods, especially imported. Finally, with the increase in dependent elderly people and the probable decrease in the number of potential family caregivers, the need for personal services would increase and the Department's expenditure linked to dependency would double between 2023 and 2050.
