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Women and pensions

All around Europe, pension funds are raided and pensions are cut – despite the fact that the consolidated Eurozone government deficit is only half the size of the deficit of the USA, Japan or the UK. See here (Hungary); here (Portugal); here (Ireland); here (Greece) or here and here (the Netherlands).

Who will bear the brunt?

Today, women’s day, Eurostat published the next data:

Around 40% more women than men among the EU population aged 65 and over … There were in total 257 million women and 245 million men in the EU27 in 2011, meaning that there were 105 women per 100 men … The ratio rose to 138 women per 100 men on average in the EU27 for those aged 65 and over. For this age group, there were around twice as many women as men in the Baltic countries: Latvia (208 women per 100 men), Estonia (204) and Lithuania (197), while there were around 20% more women than men in Cyprus (120 women per 100 men), Ireland (122) and Sweden (123).

  1. May 18, 2012 at 5:45 pm

    Are you saying that European countries are in good shape to fund peoples retirement and we shouldn’t worry because the US has a much larger national debt? People must realise that they have to make their own provision for funding their retirement. We can no longer rely on open ended Government support.

    • merijnknibbe
      May 18, 2012 at 6:35 pm

      No, I’m not saying that. I’m just stating that women live longer than men. By the way – savings are a claim on future production. And so are government guarantees. If savings increase, the claims on future consumption increase. If government guarantees increase, the claims on future consumption increase. There are good macro economic reasons why lots of private savings do not necessarily guarantee your retirement, when the amount of ‘savings claims’ outstrips the productive capacity of the economy. Same holds for government guarantees. Which leads to the fundamental Keynesian wisdom that we have to invest in the future – instead of putting our money in Greek bonds or USA subprime mortgages. A 15 year old women in Germany in 1910 would have had a good pension in 1965 – not because she had been able to save (war, crisis, inflation, crisis, war) but because the German economy flourished, in 1965.

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