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A Provocative Perspective on Population Aging and Old-Age Financial Protection

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  • Holzmann, Robert

    () (University of New South Wales)

Abstract

Population aging is typically associated with economic challenges for productivity and financial threats for the old-age financial protection system of a country. This paper takes an optimistic position and outlines key ingredients to make it a successful experience. Yet to turn this challenge into an opportunity requires a significant change in a society's mindset and policies, such as recognizing that population aging and increased life expectancy are quite likely the biggest challenge to mankind in recorded history. This calls for a review and revision of societal institutions, from the likely oldest one – marriage – to one of the youngest – retirement income schemes. Mere tinkering at the margin of existing retirement income programs will be neither sufficient nor helpful. To develop the arguments, the paper reviews and proposes changes to the measurement of population aging – globally and for East Asian countries; outlines critical policy paths to address population aging successfully; analyzes the implications of population aging for the selection of an old-age financial protection system; and offers guidance to this end.

Suggested Citation

  • Holzmann, Robert, 2013. "A Provocative Perspective on Population Aging and Old-Age Financial Protection," IZA Discussion Papers 7571, Institute for the Study of Labor (IZA).
  • Handle: RePEc:iza:izadps:dp7571
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    References listed on IDEAS

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    1. Reyes Aterido & Mary Hallward-Driemeier & Carmen Pagés, 2011. "Does Expanding Health Insurance Beyond Formal-Sector Workers Encourage Informality?: Measuring the Impact of Mexico's Seguro Popular," IDB Publications (Working Papers) 4551, Inter-American Development Bank.
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    More about this item

    Keywords

    NDC; life expectancy; measuring population aging; happy aging; FDC;

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J11 - Labor and Demographic Economics - - Demographic Economics - - - Demographic Trends, Macroeconomic Effects, and Forecasts
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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