N. 01-2014 – Demographic uncertainty, the financing mix and the sustainability of welfare systems
Demographic changes are threatening the sustainability of welfare expenditure in all Western countries. Two clear trends have characterized the last decades, and are expected to affect future population dynamics: Constantly improving longevity; Decreasing fertility. The combined effect of these two phenomena have caused a fast and dramatic change in the structure of populations. Children below age 5, which constituted the larger age class in 1960, will very soon be outnumbered by people older than 80 years. Old-age dependency ratios, which [...]

