Changing Patterns of Intergenerational Transfers and Life-Cycle Consumption in Finland and Sweden 1990-2006 The 3rd EuroNTA Workshop 28 October 2010 Institute.

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Presentation transcript:

Changing Patterns of Intergenerational Transfers and Life-Cycle Consumption in Finland and Sweden The 3rd EuroNTA Workshop 28 October 2010 Institute for Future Studies Stockholm, Sweden Marja Riihelä, Government Institute for Economic Research Risto Vaittinen, Finnish Centre for Pensions Reijo Vanne, Finnish Pension Alliance Jovan Zamac, Inst. For Future Studies, Stockholm

Contents Age structure of the population Real growth and labor force and employment rates Aggregate LCD and its finance Labor income, consumption and LCD by age 1990 and 2006 LCD and components of its finance by age group

…”yesterday when we were young”, Sweden used to be the oldest country in the world

Source: Statistics Finland and Sweden

Working-aged and employed persons as % of pop in 1975–2009 in Fin and Swe

Sources: Statistics Finland, own calculations, NTA database Aggregate LCD as percentage of aggregate labor income in Finland and Sweden 1975 – 2007 Business cycle based changes and one structural change in Finland?

Private and public asset-based reallocations in Finland …higher asset income and private saving

Labor income and consumption by age in 1990 and 2006 in Finland

% LCD diff=Dem+Beh&Pol  14=6+8 Labor income and consumption sums by age as percentage of aggregate labor income in 1990 and 2006 including decomposition of the LCD change to demographic, behavioral and policy effects

Labor income by age in 1990, 1993 Sweden

Labor income by age in 1990, 1993, 2006 Sweden

Labor income and consumption by age in 1990, 1993 Sweden

Labor income and consumption by age in 1990, 1993, 2006 Sweden

LCD over wages

LCD and Debt

LCD and Debt Swe

LCD and Debt Fin

LCD /Debt Fin and Swe

LCD /Debt Swe