We are all getting older.

Posted in 'Neighbourhood' by Richard Catlin

24 July 2009

The makeup of the UK’s population continues to get older, with potentially serious economic effects.

A new report on the state of the global population by the US census bureau has revealed that the number of over 65’s is set to outnumber children under 5 for the first time within the next ten years.

The effect of the post-war baby-boom, coupled with continuing advances in medicine and improvements in living standards have seen death rates fall and the average life-expectancy increase. Similarly, there is believed to be a correlation between recessions and falling birth rates, which could see the gap widen even more quickly.

The UK is currently reckoned to be the 19th ‘oldest’ country in the World, with an average life expectancy of 78.8 years.

The changing face of the UK’s population is likely to have a significant impact on the way that our postcodes and neighbourhoods are classified, potentially seeing a big increase in the cost of goods and services in certain areas.

Every postcode is classified according to the people who live there, drawing information from a number of different sources. This information is then used for a wide range of purposes – from determining the amount and type of junk mail that comes through your door, to how much you’ll have to pay for insurance premiums.

The reported family composition, average age and marital status within postcode regions across the UK are likely to change as a result of the ageing population and could in turn influence factors used in insurance band calculations such as life expectancy. Simply put, the longer you are expected to live, the lower your insurance premiums will be on some forms of life assurance policies.

You can check how your postcode currently rates using the free Check your Postcode service on checkmyfile. You can see what the average credit score is in your area and all kinds of information about the people who live there, the types of housing, jobs, property prices and much more.

If you find the classification wrong, you can leave feedback so we can ask the data owners to revise their databases where appropriate.