April 2023
20Apr

‘Big news’ is India’s population growth is below replacement level: UN expert

While India's population at 1.4 billion has surpassed that of China's, the "latest big news" is that the population growth is below the replacement fertility rate in India and it has a "window of opportunity", according to Rachel Snow, the lead demographer of the UN Population Fund (UNFPA). The continued trajectory for India is that while the young population entering the reproductive phase will boost overall fertility, "given the fertility pattern already evident, we can start to anticipate the decline,...

April 20, 2023
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18Apr

One in five Korean workers are over 60: Statistics

One out of five Korean workers are over 60 years old, in an aging society with plunging birth rates. The number of elderly still working and the on-year increase in the number of elderly working both reached all-time highs last year. The number of people over 60 who were working last year stood at 5.86 million, hitting the highest figure since data compilation began in 1963, according to Statistics Korea and the Ministry of SMEs and Startups on Monday. The number was...

April 18, 2023
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14Apr

Why An Aging Population Might Not Doom The American Economy

The American economy is booming and robust. Just look at the chart below, which shows that the overall unemployment rate — the share of people within the labor force who are without work but are looking for it — is lower than it’s been in more than 50 years: But wait! Americans just don’t want to work like they used to. As you can see in the following chart, the labor force participation rate — the share of all Americans...

April 14, 2023
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11Apr

As Clients Live Longer, Firms Step Up Efforts Addressing Longevity Risk

People are living longer, and it has created rising concern among retirees and their financial advisors about whether they will have enough to live on in retirement. Several firms have acknowledged this longevity risk and are urging advisors to speak to their clients and promoting certain financial products that can help. According to Milwaukee-based Northwestern Mutual, there is a 50% chance that a 65-year-old man will live beyond age 86. Given that increased life expectancy, retirement savings have to last...

April 11, 2023
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11Apr

Why “aging in place” is a growth industry

Door widths, whether bathroom walls can support grab bars and the height of light switches are among the many items Dawn Mahiya checks when evaluating homes for her clients. As a certified aging in place specialist, Mahiya helps older people and people with disabilities figure out how to modify their homes to better fit their needs. Half of her clients, she said, are “people who are looking forward in their life … and the other half are generally their children who...

April 11, 2023
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03Apr

The Maximum Human Lifespan Will Rise Dramatically This Century, Researchers Say

Our ability to extend human lifespans is improving dramatically, but whether there is any natural limit to how far we can push is an outstanding question. New research contradicts claims that we’re approaching a maximum human lifespan. The question of whether or not there is a limit to how long humans can live has fascinated scientists for decades. While answering this question is likely to require a better understanding of the physiological process of aging, researchers have long tried to...

April 3, 2023
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March 2023
31Mar

Frames, Incentives, and Education: Effectiveness of Interventions to Delay Public Pension Claiming

By Franca Glenzer, Pierre-Carl Michaud & Stefan Staubli Many people forgo a higher stream of public pension income by claiming early. We provide both quasi-experimental and survey-experimental evidence that the timing of public pension claiming is relatively inelastic to changes in financial incentives in Canada. Using the survey experiment, we evaluate the effect of two different educational interventions and different ways of framing the incentive to delay claiming. While all three types of interventions induce delays, these interventions have heterogeneous...

March 31, 2023
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28Mar

Key demographic trends that will impact the global economy

The global population is currently experiencing irreversible demographic shifts, from rapid urbanisation to low birth rates. A combination of economic, social, environmental, and political factors has accelerated this transition, as outlined below. The following demographic trends will significantly impact the global economy for decades to come. Urbanisation The United Nations (UN) estimates that over two-thirds of the world’s population will live in cities by 2050. Generally, urbanisation can be a positive phenomenon in improving national and individual economic performance, reducing poverty, and improving...

March 28, 2023
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14Mar

East Asia grapples with an aging society

The elderly population in East Asia is swelling as the birth rate continues to decline. The region now has the world's lowest fertility rate, raising fears of social and economic woes, especially for its youth. "I'm afraid to have children," Seha [surname withheld], a resident of Seoul, the South Korean capital, told DW. Although she feels it would bring her happiness, the 22-year-old believes that having children could stop her from pursuing her career. "I've seen many married women quit their...

March 14, 2023
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10Mar

Pay-as-They-Get-In: Attitudes Towards Migrants and Pension Systems

By Tito Boeri, Matteo Gamalerio, Massimo Morelli & Margherita Negri We study whether a better knowledge of the functioning of pay-as-you-go pension systems and recent demographic trends in the hosting country affects natives' attitudes towards immigration. In two online experiments in Italy and Spain, we randomly treated participants with a video explaining how, in pay-as-you-go pension systems, the payment of current pensions depends on the contributions paid by current workers. The video also explains that the ratio between the number of...

March 10, 2023
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