Faced with rapidly ageing populations, many countries are seeking ways to ensure that their economies continue to grow and prosper. The recent financial crisis highlighted the difficulty of providing adequate and affordable old age provision.
Can our economies and societies turn the consequences of rapid ageing into positives?
How can the costs be shared across the generations, and between workers and pensioners?
A greying population need not mean a stagnating economy. Education and skills, labour market, immigration and health policies and employment practices all have a role to play. Imaginative solutions will involve not only the state, but also the private sector and the individuals themselves
The Transforming Ageing Economies conference held at Chatham House, London from 16 to 17 May 2011 explored the policies and practices needed to manage and benefit from an ageing population, examined necessary changes and reviewed possible opportunities for the future
Keynote speakers included Lord Hutton of Furness (Chair, Independent Public Pensions Committee, UK); Steve Webb (Minister of State for Pensions, UK); Laszlo Andor (Member of the European Commission, Employment Social Affairs and Inclusion); and many other experts.
Professor Sarah Harper from the Institute of Population Ageing was a key panel member focussing on 'Reforming the Social Model: Providing for the old without robbing the young.' The panel addressed questions such as:
- How can society maintain fiscal sustainability of the state and income adequacy for the ageing without over-burdening future generations?
- What will be the impact of an ageing electorate on the balance of power between the generations?
- Can the European social model be adapted, or will it break under demographic pressure?
- As populations age and shrink, how will demand within domestic economies be sustained?
