Population aged 50 and older

IBISWorld forecasts the population aged 50 and older to increase by 1.5% in 2024-25, to a total of 1,880,653 people. Growth in this demographic has been supported by advancements in healthcare and medical technology, which have improved the life expectancy of New Zealand residents. Additionally, rising health consciousnesses suggests New Zealanders are increasingly looking after their health and wellbeing, contributing to rising life expectancy. However, growth in older generations is slowing, as this age group is less influenced by migration, which was heavily dsrupted during the pandemic. Nonetheless, the proportion of the overall population in this age group is expected to reach 35.3% in 2024-25, up from 33.9% in 2019-20.

Growth in the population aged 50 and over has risen at a faster pace than the overall population over the past five years. This trend is indicative of New Zealand's expanding life expectancy, meaning people are remaining in this demographic for longer. In addition, the growth in the population aged 50 and older has been supported by high levels of net overseas migration over much of the past two decades. Many of these migrants have chosen to make New Zealand their permanent home, remaining in the country and entering this demographic when they turn 50.

However, growth in the population aged 50 and older has been somewhat limited by the substantial drop in net overseas migration over the past five years. Net overseas migration has declined sharply during the pandemic because of border closures. This trend has reduced the number of migrants entering this age demographic, and has somewhat subdued its growth over the past five years. However, as most migrants are from younger age groups, the negative effects of reduced net migration on the size of the population aged 50 and older has been limited. Overall, IBISWorld forecasts the population aged 50 and over to increase at a compound annual rate of 1.7% over the five years through 2024-25.