The world's population is living longer, but this is placing mounting financial and emotional pressure on younger generations, according to experts.
People are living longer now than ever before. As medical technology advances and medicines become more effective, mortality rates have also fallen.
"We have observed in clinical settings that these caregiving adults are at risk of caregiver burnout, and experience a sense of vulnerability as they realize they would also be going through an aging process in the next 20-30 years of their lives," John Wong, director of the National University of Singapore's Mind Science Center, told"The number of people aged 65 years or older worldwide is projected to more than double, rising from 761 million in 2021 to 1.
"There's this tendency in the welfare state to sort of outsource the elderly care," Jan-Emmanuel De Neve, director of the Wellbeing Research Centre at Oxford University told CNBC Make It.That tends to lead to issues of isolation, elderly people feeling useless, whereas there's so much to offer the society and the younger generations."
In addition to looking after their parents and children, both emotionally and financially, they also have to care for themselves while pursuing their careers. "This would entail defining one's family value system, setting out personal goals, life aspirations, allocating and committing personal resources," Wong suggested.
Population Aging Aging Family Issues Family Finances Wellness Health Psychology Mental Health
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