September 2026

Global pension asset allocations and debt markets

Pension fund investors have been typically viewed as some of the most dependable investors in global bond markets. Their long-term obligations make government and corporate debt a natural fit: bonds offer predictable income which matches future retirement payments, and support relatively stable portfolios. However, that relationship is changing. Recent research has shown that demand shifts by pensions move asset prices and that they in turn respond to yield curves. For example, Aldunate et al. (2025) show that Chilean pension...

Australia. Age pension dependence down

Australians are relying less on the age pension to fund their retirement as their super balances grow, according to Association of Superannuation Funds of Australia (ASFA) research. The study revealed about 56 per cent of people aged 65 or over now receive a full or part age pension compared to 70 per cent in 2012. Average superannuation balances for people aged over 15 were $202,644 for men and $164,206 for women in 2023/24, up from $192,119 and $154,641 in the previous...

Asia’s aging population will redefine retirement, care—and independence

Over the next decade, Asian families will transfer an estimated $10 trillion—nearly twice the size of Germany’s GDP—to the next generation. Yet there’s a nuanced story emerging behind that headline figure. As people live longer, they’re rethinking how preserve their own independence while still passing enough wealth to their children. Asia is the fastest-aging region in the world. Fifteen percent of its population is over the age of 60; that share is projected to rise to 26% by 2050, according...

August 2026

An aging population in China inspires a new industry: Adult children for hire

Available for rent to a lonely grandparent: the companionship of an adult child. In China, where a low fertility rate and a rapidly aging population are swelling the number of lonely elders, young men and women are hiring themselves out as “shared” or “outsourced” children. These surrogates, mostly in their 20s and 30s, provide companionship rather than specialized medical care, visiting, chatting, helping clients set up smartphones or accompanying them to medical appointments. Advertisements abound on Chinese social media, where rates...

Healthy Longevity as Regenerative Capital: AI-Enabled Prevention, Senior Re-employment, and Climate Risk

By Jules SADEFO KAMDEM Population ageing and climate change jointly threaten the functional capacity that sustains autonomy, labour supply, productivity, and fiscal resilience. This paper develops a continuous- time, age-structured model in which healthy longevity is a regenerative form of human capital. Cohort health is exposed to biological depreciation, a standardised heat-stress state, diffusion risk, and marked compound-Poisson losses. Prevention, climate adaptation, education, and effectively accessible artificial intelligence can offset avoidable depreciation. AI is accumulated as a depreciating capital stock...

The Most Important Longevity Term You’ve Probably Never Heard of

What if there was a single metric that could capture every aspect of your health — how strong you are, how clear your vision is, how sharply you think? That’s the goal of intrinsic capacity, a holistic measure of what someone’s body and mind are capable of. “It’s not really a sexy term,” but it makes sense from a scientific perspective, said Dr. John Beard, a professor of productive aging at the Columbia University Mailman School of Public Health who helped...

South Korea’s pension recipients rise 5.6% in 2024

South Korea's pension recipients aged 65 and older rose 5.6 per cent to 9,122,000 in 2024, driven by a rapidly aging population, the Ministry of Data and Statistics said Tuesday (Aug 25). The average monthly pension payout rose 6.0 per cent from a year earlier to 737,000 won (about US$530) in 2024. Men received an average of 957,000 won, while women averaged 546,000 won. Those aged 65-69 received 858,000 won, compared with 577,000 won for people aged 80 and older. Among...

US. Successfully Aging: The economic contributions of people aged 50 years and older

Q. I continue to read that our seniors are a drain on the economy with the costs of Social Security, Medicare, Medicaid, and other government age-related programs. I don’t want to feel guilty because I certainly do my part. Can you provide another side of the story? Thanks. B.K. Thank you for that very important question. Clearly, the programs you mentioned are a significant part of our government’s budget and expenses. However, there is another side to the story. It’s called...

The Global Transition – The Impact of Demographics and AI on Economic Power

By Seth Benzell, Laurence J. Kotlikoff & Victor Yifan Ye This study deploys a multi-region, dynamic life-cycle, general equilibrium model to assess demography’s impact, through the course of this century, on global development. Our model’s 17 regions encompass more than 150 countries comprising 99% of the world’s population. Output is produced with three labor skill groups and internationally-mobile capital, with each country deciding annually whether to adopt its frontier automation technology. Our model features region-specific fiscal policy, TFP growth, and...

Job displacement and the health of older adults: Evidence from China

By Xiaoyun Zhang & Yiyang Luo This paper investigates the long-term consequences of involuntary job displacement on multidimensional health outcomes among middle-aged and older adults in urban China, using the 2014 China Health and Retirement Longitudinal Survey (CHARLS) Life History Questionnaire. To address the endogeneity of job loss, we exploit business closures, position cancellations, and layoffs during the state-owned enterprises (SOEs) reforms in the late 1990s as exogenous labor market shocks and employ Propensity Score Matching (PSM) to control for...