ABSTRACT
Low fertility and longer lifespans will change the age structure of most industrialized countries. Given current retirement regulations, increasing shares of elderly have to be supported by an ageing and shrinking working-age population. The baby boom generation’s retirement from the workforce will further intensify this process. However, demography is not destiny and it will depend on how ageing societies will adapt their institutions and economic behaviour to cope with the challenge of changing demographic structures (Fürnkranz-Prskawetz, 2012). As argued by Börsch-Supan et al. (2014: 229) changes in attitudes towards reforms are important to implement the necessary structural reforms in the pension system and labour market.
