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Navigating financial stability in an ageing world

Author

Listed:
  • Gardó, Sándor
  • Klaus, Benjamin
  • Kurig, David
  • Storz, Manuela

Abstract

The number of older people in the EU has increased markedly in recent decades and is projected to go on rising. This trend may pose challenges to financial stability given the adjustments needed in both the real economy and the financial sector to adapt to the demands of an ageing society. Building on the extensive body of literature examining the impact of population ageing on the real economy, this special feature investigates the channels through which population ageing could elevate financial stability concerns in the financial and non-financial sectors, bearing in mind possible interdependencies across sectors. Comprehensive policy actions appear warranted to meet the challenges posed by an ageing population to financial stability. These can range from boosting productivity growth and labour force participation rates to ensuring the sustainability of pension systems by increasing market-based retirement savings, also in the context of the developing capital markets union. JEL Classification: D14, E61, G21, G22, G23, H55, J14

Suggested Citation

  • Gardó, Sándor & Klaus, Benjamin & Kurig, David & Storz, Manuela, 2025. "Navigating financial stability in an ageing world," Financial Stability Review, European Central Bank, vol. 1.
    • Handle: RePEc:ecb:fsrart:2025:0001:3
    Note: 2436858
    as

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    File URL: https://www.ecb.europa.eu//press/financial-stability-publications/fsr/special/html/ecb.fsrart202505_03~9db108da0e.en.html
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    More about this item

    Keywords

    ageing; financial institutions; financial stability; investments; pensions; savings;
    All these keywords.

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination

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