Australia is in the middle of a demographic transition, with an ageing population presenting fiscal and economic challenges. Financial advisers who upskill and embrace aged care advice are set to strengthen and grow their advice businesses.
The 2021 Intergenerational Report paints a picture of increasing life expectancies and falling fertility rates, resulting in the Australian economy growing at a slower pace over the next 40 years. This, comes at a time when the budget is also adversely affected by the long-term impacts of the COVID-19.
With baby boomers now into their 60s and older, mounting aged care challenges arising from changing preferences on how and where people age, as well as expectations of care standards, increases the need to plan for aged care and the frailty years.