Annual Government spending that is dependent on age will be €16bn higher by 2050 than it is today because of Ireland's ageing population, new research has found.
Annual Government spending that is dependent on age will be €16bn higher by 2050 than it is today because of Ireland's ageing population, new research has found.
"The Future Ireland Fund is also being established to help alleviate some of these pressures but it is clear that further reforms are needed." "To put it another way, absent any additional reforms, the analysis in this document shows a significant financial burden being passed from the current to future generations," it said.
The report noted that currently the pension system here involves the burden of financing the ageing population falling on the next generation. "Increasing retirement savings is also part of the solution. For instance, higher pension contributions – including via auto-enrolment – will help partly fund future pension payments."
The Minister for Finance said the analysis published by his Department highlights the scale of the challenge an ageing population presents to the public finances.
Business Exchequer Government Ageing Spending
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