Regarding stock investment, elderly households hold much larger assets than any other generation, and so they may allocate part of their assets to stock holdings while keeping the ratio of stock holdings at a reasonably contained level. However, if the future elderly generation has readier adaptability to ICT, greater use of online securities trading may promote the investment demand for stocks.
6  BIS central bankers’ speeches  Impact of demographic changes on fiscal balance A natural impact of Japan’s demographic changes is deterioration in fiscal balance. It is clear that the rapid pace of population ageing in Japan, especially since the 2000s, has been the single driving force behind growing social security-related expenditure (i.e., public pension benefits, elderly care, and medical services) (Chart 11).