Life expectancy has increased markedly worldwide in recent decades. Since 1970 it has risen by nearly ten years in the UK and 20 years in China. Dan Boardman-Weston, CEO and CIO at BRI Wealth Management, notes that the UN expects average life expectancy to reach 90 by 2100. However, the quality of life in later years can be miserable. In Japan, for instance, “more adult nappies are sold... than baby ones”, he says.
Of course, “there have always been people with chronic health conditions, such as coal miners with emphysema”, says Tim Leunig, visiting professor in practice at LSE’s School of Public Policy. However, “as we conquer many of the causes of early death – road collisions, industrial injuries, heart disease, and increasingly cancer – more of us will reach the age where parts of us literally wear out”. Three conditions in particular stand out: deteriorating eyesight, hearing problems and Alzheimer’s.
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The problem of chronic age-related conditions is particularly stark. They reduce the quality of life of those affected and make it harder for people to be economically active or care for themselves. Sufferers thus need additional care, which can be “massively costly
