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can expect individuals to work longer. As shown in Bloom, Canning, Mansfield and Moore (2007), the response to rising life expectancy is to increase the number of working years and the number of years in retirement proportionately, without changing period-specific saving behaviour. While a large set of factors such as increasing demand for leisure, general increases in wealth and difficult labour markets have contributed to low labour force participation among the elderly, social security systems have undoubtedly been a key reason for the continued low labour force participation among the elderly. Even if individuals decide not to work longer, increased life expectancies can be expected to induce increased savings over the working life in order to finance a continued high standard of life in retirement. As the elderly are healthier, they can work longer and more productively and place fewer demands on public resources. Businesses can play a role in encouraging older workers to continue working, and they can in turn benefit from such workers’ experience and reliability. Allowing flexible schedules, offering ongoing training in new skills, providing wellness programmes, and re-allocating physically demanding tasks to younger workers are measures that can help retain the older segment of the workforce.

4.6 Consequences for Living Standards

Labour supply adequacy is one factor influencing standard of living of the population. It refers to the ratio of the quality-adjusted workforce to the total consumption needs of the population. But not all people have equal consumption needs. For example, the government spends much more per capita on the over-65 population than it does on other age groups.

Demographic trends will have adverse effects on economic growth after 2010, due in large part to the slowdown in the growth of the workforce and the increase in spending on age-related government transfers. But the effects do not appear to be catastrophic. The economy will continue to grow, even at a slower rate. Capital will increase considerably, even though lower national savings rate, as a smaller workforce requires less capital.

Individual and population ageing are not gender neutral. Women’s entitlement to goods and services over time is closely related to their work history, pension, property and inheritance rights. Old women generally occupy a precarious economic position, as they have accumulated fewer financial reserves than men, have fewer assets of their own and, more often than not, experience a weakening of their control over the family assets with the death of the husband. Poverty is a real threat to women as they get older. It is therefore imperative that any financial and social scheme developed to care for an ageing population should include targeted policies for the support of the elderly women.

4.7 Theories of Saving

One of the most important theories of saving is the life-cycle model (LCM), which predicts that people will save in order to translate their fluctuating levels of income into smooth paths of consumption. Consumption implies that households borrow when young, save when middle-aged, and spend savings, or “dissave”, when old. The life-cycle Model assumes tha本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。