Number of people aged 90 and over up 53.7% compared to 2004 "UK is facing a demographic time bomb"

EXPERTS have warned of a “demographic time bomb” and that we “are sleepwalking into one of the greatest economic and health challenges in history” as new data shows there were an estimated 625,000 people aged 90 years or over in the UK in 2024, an increase of 53.7% since 2004, and an increase of 2.2% since mid-2023.

They said it places even more importance on the need for robust retirement planning, and also affects the property market “as inheritances may come much later in life”

Meanwhile, an AI expert warned of a deep disconnect where “we've got 625,000 people over 90 and the thirtysomething designers building the NHS appointment systems and banking apps they depend on have zero first-hand experience of what breaks down after 70.” While another added people living longer and voting longer could be challenging for Labour in the polls.

The Office for National Statistics data revealed that there were 16,600 centenarians (people aged 100 years and over) in the UK in 2024, double the 8,300 in 2004.

It added that of the people aged 90 years and over, 84.5% were aged 95 years or younger, although it said growth has been faster at the oldest ages.

It also found that the number of men at older ages is increasing faster than the number of women; between 2004 and 2024 the number of men aged 90 years or over has more than doubled, while the number of women has increased by around one-third.

Men made up one-third (33.7%) of people aged 90 years and over in 2024, and nearly one-fifth (18.5%) of centenarians.

Wales had the highest rate of centenarians (25.9 per 100,000 people) in the UK; the rate of centenarians has increased in all four UK countries.

Daniel Wiltshire, Actuary & IFA at Wiltshire Wealth, warned: "The UK is facing a demographic time bomb. While we all know people are living longer, studies show that individuals consistently underestimate their own life expectancy compared with actuarial data.

"This bias has serious implications for both retirement planning and the public finances. Pension freedoms - the removal of the obligation to buy an annuity - are relatively new, and the long-term effects remain uncertain.

“If people draw down their private pensions too quickly, the burden of supporting them in later life will fall back on the state. Recent and proposed changes to the pension system risk making this problem worse.”

Sam Alsop-Hall, Co-Founder at Clive Henry Group, cut straight to the chase: "We are sleepwalking into one of the greatest economic and health challenges in history. The sharp rise in people living beyond 90 shows how urgently we must rethink retirement, housing and health policy.

"Longer lives mean savings and pensions must stretch much further, making early financial planning vital. It will also reshape the property market, as inheritances are delayed and fewer homes change hands, locking out many younger buyers.

“Socially and politically, an ageing population will place even greater strain on the NHS and social care, demanding new models of community-based support and innovation. This is both a warning and an opportunity to redesign how we live, work and age. The time to act is now.”

Meanwhile, Colette Mason, AI Solution Architect at Clever Clogs AI, said there is a disconnect between the people living longer and those building new technologies: "We've got 625,000 people over 90 and the thirtysomething designers building the NHS appointment systems and banking apps they depend on have zero first-hand experience of what breaks down after 70. This is a dangerous disconnect.

"You can't design accessible healthcare tech when you've never watched arthritic fingers struggle to tap a small 'change address' button before the timeout, or banking security that assumes everyone remembers six passwords and can read a text message in 30 seconds.

"The fastest-growing demographic risks being automated out of GP appointments, prescription renewals and pension access by teams who've never experienced the reality they're optimising against.

“This isn't about being kind to elderly people, it's about whether the NHS and banks can afford to build digital services that only work for the young people building them.”

Eamonn Prendergast, Chartered Financial Adviser at Palantir Financial Planning Ltd, said “living longer is a gift, but it brings real financial and lifestyle challenges”.

He added: "With the number of people aged 90 and over up more than 50% in two decades, retirement now often lasts 30 years or more — far longer than many people plan for. This makes detailed cashflow forecasting essential. People frequently underestimate how long they might live, how their spending will evolve, and how much care or support they may eventually need.

“The surge in longevity also affects the property market: inheritances may come much later in life, delaying when younger generations can buy homes. It’s another reason intergenerational planning and not just investment returns matters more than ever.”

Pete Mugleston, Managing Director at onlinemortgageadvisor.co.uk, said: “This data highlights the UK’s growing old-age dependency problem. With more people living into their 90s and the birth rate falling, the ratio of workers to retirees keeps shrinking.

“That means fewer taxpayers funding pensions, social care and the NHS, creating a serious long-term fiscal challenge. If Britain wants to stay solvent, the focus must be on boosting workforce participation and productivity to balance the books.”

Tony Redondo, Founder at Cosmos Currency Exchange, added: "The UK is sleepwalking into a demographic crisis where traditional life structures, work until 65, retire, die at 80, are obsolete, but systems haven't adapted. For the property market, this spells trouble for younger generations as inheritances will arrive later and later, and the "Bank of Mum and Dad" is becoming the "Bank of Grandma," but she's 95 and needs care funding.

"Politically, the elderly voting bloc is growing more powerful, and they vote at higher rates. Challenging news for Labour. Economically, a shrinking working-age population will support a growing dependent population, adding pressure to raise the retirement age further."

Scott Gallacher, Director at Rowley Turton, said there are two key aspects to this data: "Firstly, from an individual perspective, it highlights just how important proper retirement planning has become — people are living far longer, and their pensions and savings need to last decades, not just years.

"Secondly, it underlines the growing strain on public finances. The NHS, social care, and the State Pension — particularly the triple lock — are all under increasing pressure as longevity rises.

"It’s also worth noting that while the number of men over 90 is rising faster, there are still many more women in that age group. This simply reflects a narrowing of the gap as men today tend to look after their health better and are less likely to have spent a lifetime in heavy industry, as earlier generations did."

Anita Wright, Chartered Financial Planner at Ribble Wealth Management, added: "Retirement is now a genuinely long life-stage, not a short wind-down, which means the old “set-and-forget to 20 years” mindset no longer cuts it. The risk isn’t just “running out of money”; it’s sequence risk, inflation erosion and late-life care costs colliding.

"Practically, this pushes us towards: layered income (secure base via State Pension/annuities, flexible drawdown for the rest), inflation-aware assets and cash buffers for volatility. And yes, annuities belong back on the menu for some clients to underwrite core bills—used selectively alongside growth assets rather than as an all-or-nothing choice.

“Waiting for a windfall is not a strategy. Longer lives and rising care needs mean wealth often transfers later and in smaller chunks. For many older homeowners, downsizing or carefully-used equity release can fund their own longevity while still potentially enabling intergenerational support.”