N.L. unprepared for coming demographic time bomb, auditor general says
ST. JOHN’S, N.L. — Newfoundland and Labrador is not prepared for the coming demographic time bomb that will see about a third of residents reach age 65 or older within 20 years, the province’s auditor general says.
In a report Friday, Terry Paddon said the province has not assessed future needs around aging, or planned for costs.
“Government does not have a long-term financial plan that includes the impact of changing demographics,” Paddon said in the report.
“No department we audited had completed an analysis of their future costs related to changing demographics nor had there been any impact of changing demographics included in their expense forecasts.”