New Horizon Europe project SUSTAINWELL addresses the medium and long-term impacts of ageing societies on income redistribution. It measures the roles of market, the government, and the family in providing wellbeing along the lifecycle, combining comparable European datasets and integrates this into a dynamic microsimulation projection.
Population ageing is one of the main challenges that European countries must face in the following decades. Over the past century, a deep demographic transition has taken place, leading European societies gradually from high fertility and mortality rates to just the opposite situation. According to Eurostat projections, by 2050 population aged over 65 years will increase more than 25% with respect to 2019 whilst working-age population -20 to 64 years old- is projected to fall. As a result, the dependency ratio -people aged 65 years and all divided by working-age population- is dramatically increasing, implying that most European countries will have less than two people in working age for each elderly person.
By 2050 population aged over 65 years will increase about 30% with respect to 2019
This demographic change has multiple effects for societies which will have to adapt many of their current structures to the new situation. Public spending on welfare policies as pensions, healthcare, long-term care, and education will be profoundly affected. By analysing first, the behavioural reactions in key lifetime decisions -education, fertility, work effort, home production, savings or retirement- and the decision process itself leading to prosocial behaviour and second, by accounting for the three ways to provide wellbeing along the lifecycle – market, family and welfare state-; SUSTAINWELL can contribute to quantify the future of ageing population. It will identify opportunities arising from longer and healthy life expectancy; resilient responses from individuals, households, and from other actors in a society facing the challenges posed by ageing. It will assess the impact of ageing on inequality; and gender and lifecycle balanced policies helping the sandwich-generation to sustain baby-boomers entering retirement, without decreasing fertility nor investment in education. Also, particular attention will be devoted to the role of job design to foster intergenerational complementarities in the labour market.
SUSTAINWELL will support the implementation of the European Pillar of Social Rights which sets out several principles that relate directly or indirectly to areas impacted by ageing, such as on old age income and pensions, health and long-term care, social protection, work-life balance and education, training, and life-long learning. The project takes a new multidisciplinary approach in different basic (Neuroscience) and social sciences (Economics, Demographics, Sociology and Political Science). It is a partnership between 14 partners from 7 European countries, coordinated by Prof Concepció Patxot at UB School of Economics. SUSTAINWELL’s results will be pursued in permanent contact with stakeholders, to deliver knowledge and evidence-based policy measures by applying a participatory design and co-creation activities.
SUSTAINWELL will support the implementation of the European Pillar of Social Rights which sets out several principles that relate directly or indirectly to areas impacted by ageing, such as on old age income and pensions, health and long-term care, social protection, work-life balance and education, training, and life-long learning.
The project takes a new multidisciplinary approach in different basic (Neuroscience) and social sciences (Economics, Demographics, Sociology and Political Science). It is a partnership between 14 partners from 7 European countries, coordinated by Prof Concepció Patxot at UB School of Economics. SUSTAINWELL’s results will be pursued in permanent contact with stakeholders, to deliver knowledge and evidence-based policy measures by applying a participatory design and co-creation activities.
Interview with James Sefton: there is more solidarity between generations than the “Millennials versus Boomers” narrative would suggest
James Sefton, Chair in Economics – Academic Director for MSc Finance & Accounting, MSc Financial Technology and MSc Investment & Wealth Management, talks about intergenerational solidarity, wealth booms and debt burdens. Click here to watch the video
The Elderly Bias of the Spanish Welfare State (1958–2012)
The Spanish welfare state is strongly biased toward sustaining the elderly’s welfare, rather than children’s. We study the evolution of that bias since 1958 through National Transfer Accounts (NTA). NTA disentangle how people produce, consume, and save along their life cycle, and how resources move among generations through different mechanisms (families, markets, and governments). We…
We celebrate our 2nd General Meeting
From the 9th to 11th of October, we held our second General Meeting in Barcelona, Spain. Three intense days strengthening our collaboration and sharing our latest advances on all WPs, as well as aligning the project’s objectives, priorities and next steps to further contribute to a resilient Europe and sustainable welfare systems in the 21st century reality. During the…