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The Economic Impact of Population Aging: How Should Policymakers Respond?

by 

Andrew Mason, Sang-Hyop Lee

East-West Wire

Publisher:

Honolulu, HI: East-West Center

Publication Date: 1 March 2019
Binding: electronic
Pages: 2
Free Download: PDF

 

The economic impacts of population aging vary widely from country to country for three main reasons: populations are aging much more rapidly in some countries than in others; the elderly consume more in some countries; and the financial needs of elderly populations are supported in different ways. In countries where fertility has dropped especially steeply, raising fertility from very low levels is essential to slowing down the pace of population aging. This is a very difficult goal, however. The most promising approaches emphasize support for families and for women who are trying to balance work and family responsibilities. In addition, eliminating mandatory retirement and other forms of age discrimination, reducing gender discrimination, and promoting lifelong learning are important ways to ensure that older adults have the opportunity to earn an income and contribute to economic growth. Another policy implication is to facilitate and encourage the working-age population to save for their old age.