Delays in reforms to these social security systems have increased the burden on future generations and raised the issue of intergenerational income transfers. There has been a growing consensus in Japan that greater efforts are needed to address the adverse effects of demographic changes. These efforts are expected to provide new growth momentum for Japan’s economy.
Yet others chose to consolidate and form large groups. This approach led to takeovers and amalgamations of financial activity in new companies that provide a broad spectrum of financial services to consumers. In South Africa the financial system has also been undergoing major modernisation and strengthening.