It has been argued that the provision of social security, particularly public pensions, reduces the inducement to save thereby having a damaging impact on a country’s long-term growth prospects.
(Feldstein, 1977) This view has been countered by the multigenerational planning horizon theory of  BIS Review 55/2004  3  Barro (1978) which states that people making bequests is evidence enough that they derive some benefit from the well being of future generations.