The Economy

It’s Only a Number

Forget millennials. The demographic cohort that could most affect the U.S. economy the next few years are those at retirement age.
CFO StaffAugust 30, 2016

16Aug_QuizThe media pay a lot of attention to millennials but not much to people near retirement age. According to a recent paper, every 10% increase in the share of a U.S. state’s population over the age of 60 reduces per capita growth in gross domestic product by 5.5%. Take our quiz to find out more.

1. In 2014, 15% of the U.S. population was age 65 or older. What will that percentage be in 2030?
A. 24%
B. 30%
C. 60%
D. 21%

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2. In 2030, 53% of the U.S. population under age 20 will belong to a minority group. What percentage of the population age 60 or older will be part of a minority group?
A. 30%
B. 25%
C. 20%
D. 45%

3. By applying their state-level findings to the whole country, the authors of the study mentioned above estimate that an aging population will reduce GDP growth by how much this decade?
A. 3.0%
B. 4.5%
C. 1.2%
D. 5.5%

4. The percentage of men age 70 or older who were still in the workforce was at its high point during which decade?
A. 1960s
B. 1970s
C. 1980s
D. 1990s

5. Match the country to the percentage of its population that was age 65 or older in 2015.

A. Japan 1. 26%
B. Italy 2. 21%
C. Germany 3. 18%
D. United Kingdom 4. 22%

6. Social Security and Medicare expenditures made up a combined 8% of U.S. GDP in 2015. What percentage of GDP will they be in 2050?
A. 8%
B. 20%
C. 15%
D. 12%

7. In 2014, the poverty rate among children in the United States was 21%, and among adults ages 18 to 64, 14%. What was the poverty rate among adults age 65 or older?
A. 16%
B. 25%
C. 4%
D. 10%

Source: Population Reference Bureau’s “Population Bulletin,” December 2015

Answers: 1-D; 2-A; 3-C; 4-A; 5- A-1, B-4, C-2, D-3; 6-D; 7-D