by Yukiko Ito and Wendy Walker
Asian Development Bank (ADB) Social Protection Brief No. 66, September 2016
As a result of both increased longevity and decreased fertility rates, rapid aging in Asia and the Pacific has put the region at the forefront of one of the most important global demographic trends. In 2012, 11% of the population in Asia was aged 60 years or above, and by 2050 this is expected to increase to 24% or roughly 1.26 billion people. This transition is happening at an unprecedented pace. At the same time, traditional family support systems are weakening, due in part to increased migration and expanded female labor market participation. There is a growing need to establish and finance alternatives to the traditional practice of family members caring for their elderly loved ones.