hello everybody. a very warm welcome to talking business weekly. let s take a look at what is on the show. can we really afford to get old? ageing populations mean a rise in pensions and health care costs but, with government struggling for cash, who is going to pay? it is the problem at the heart of this year s protests with other countries facing similar challenges. well living standards need to step can change keep us comfortable in our senior years? i am going to discuss all of this with these two. a pensions expert who says we are sitting on a global pensions crisis time bomb that needs to raise retirement ages and from this leading economist who will explain why an ageing population isn t good news for governments trying to balance the books. plus, with the cost of living soaring around the world, global debt has set a record. $300 trillion. so we will hear from the boss of europe s leading debt collection agency about how it balances the need to recover cash for its cl
longer and especially not for 43 years. until longer and especially not for 43 years. untilan longer and especially not for 43 years, until an age longer and especially not for 43 years, until an age when- longer and especially not for 43 years, until an age when you rej years, until an age when you re almost years, until an age when you re almost old years, until an age when you re almost old enough years, until an age when you re almost old enough to years, until an age when you re almost old enough to go - years, until an age when you re almost old enough to go into i years, until an age when you re almost old enough to go into a | years, until an age when you re - almost old enough to go into a care home almost old enough to go into a care home we almost old enough to go into a care home we given almost old enough to go into a care home. i ve given my almost old enough to go into a care home. i ve given my best almost old enough to go into a care home. i ve give
put aside some of their cash for their later years. put aside some of their cash for their lateryears. but put aside some of their cash for their later years. but one forecast for the sixth biggest saving systems which had the us, the uk, japan, canada and australia, expects a funding gap by 2050. meaning they simply won t be enough money to fund lifestyle people in those countries are expecting. many countries are increasing retirement ages but as you can see in this indication it varies across the world s ten biggest economies and can also vary within them. for a range of reasons. so, do we have to work until an older age or change our expectations for how we live in retirement? it is a tough question for governments everywhere. but perhaps nowhere more visibly than in france. where, for months, people have been taking to the streets, often leading to angry confrontations with the police. it is all because a president macron s
efforts to raise the retirement age to 64 from 62. he says that will make it more affordable to look after older people but even 64 is a lower retirement age than many other countries. nonetheless, these protesters have been explaining why they oppose it. i protesters have been explaining why they oppose it they oppose it. i think that, at a certain age. they oppose it. i think that, at a certain age. you they oppose it. i think that, at a certain age, you have they oppose it. i think that, at a l certain age, you have contributed enough and given enough to society to be able to enjoy your life. i haven t even started working but i might have to work until i am 70 so it is not an idealfuture. we might have to work until i am 70 so it is not an ideal future. it is not an ideal future. we want to be able it is not an ideal future. we want to be able to it is not an ideal future. we want to be able to contribute - it is not an ideal future. we want to be able to contribute for
illustrate this is, in the united states, age 65 was calculated and is currently, the used around the world as a retirement age but if 65 is a retirement age was first arrived backin retirement age was first arrived back in 1935 when social security first started. back in 1935 when social security first started- first started. our life expectancy back then was first started. our life expectancy back then was only first started. our life expectancy back then was only 61 first started. our life expectancy back then was only 61 so - first started. our life expectancy back then was only 61 so you - first started. our life expectancy| back then was only 61 so you can imagine, pension systems were only designed to pay for few years of benefits post retirement. and now we have a teeny living much beyond that. i d make the most obvious answer of course is that we all work for longer but we have seen very high protests and france against the notion the president would raise the pension a