Elderly care costs could treble says OECD

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The cost of caring for the elderly could treble by 2050, according to a report by the Organisation for Economic Cooperation and Development.

The body, which represents the most industrialised nations, estimates that 10% of people in OECD countries will be more than 80 years old by 2050.

That is up from 4% in 2010 and less than 1% in 1950.

The OECD report said member countries are spending 1.5% of GDP on long term care.

It predicts spending as a share of economic output will double or even triple in the next forty years.

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