Where’s the best place in the world to grow old?
And the Winner is Norway, according to the 2014 Global AgeWatch Index, which ranks the quality of life for the elderly.
Norway tops the list of 96 countries with Australia ranking 13th overall, behind Canada, Japan, the US, New Zealand and other western European nations.
The report highlights that while pension coverage has increased across the globe, overall social and economic policies are failing to keep pace with changing demographics.
Alarmingly Australia ranked 61st in terms of income security, which assess a person’s access to money and their capacity to spend it independently.
Australia scored below average on pension coverage and welfare rates and we have the highest old age poverty rate at 35.5 per cent in our region, which includes Western Europe, North America and Australasia.
This isn’t new, only recently we wrote about the increasing number of older Australians retiring overseas to make their money go further.
But it does beg the question why is Australia ranked so poorly for income security despite being a wealthy nation?
The fact that we don’t have a universal pension may skew the income security findings according to news.com.
COTA warns that any further adverse changes to the pension, such as cuts to payments or raising the pension age will only make things worse.
Whilst the results on income security raise alarm bells, Australia ranked exceptionally well in all other areas such as health and employment.
So what makes Norway the winner?
In Norway you’ll find some of the richest pensioners in the world thanks to an oil funded pension scheme, as well as some age friendly policies and concessions.
In fact, everyone over the age of 67 gets a monthly state pension and pay half price for public transport. Furthermore, 70 per cent of people aged between 55 and 64 are in full-time jobs.
On the other hand, Norway consistently ranks as one of the most expensive countries in the world.
And.. well… it’s freezing, with temperatures reaching below -40°C during the winter months and you’re looking at averages of around 15°C during the summer months. No thanks.
Would you want to grow old overseas? Share your thoughts below.
