On one hand, the end of labour force growth, and in many countries its reversal, will lead to lower investment demand. On the other hand, the change in population structure will tend to reduce the flow of savings and the supply of finance.
At the same time, lengthening lifespans, and especially more years spent in retirement, will increase the need to finance private pension security. Management of the economic and social consequences of population ageing will require three mutually supportive elements. In the first place, the volumes needed for financing pensions mean the system will always have to be based on a public pay-as-you-go scheme.