VoxTalks Economics S9 Ep8: The economic consequences of living longer
Feb 4, 2026
Julian Ashwin, an economist studying ageing and longevity policy, and Martin Ellison, an Oxford macroeconomist on lifespan effects, discuss how longer lives reshape work, saving and care. They debate rethinking who is considered old, spreading resources over extended lifespans, lifelong learning and career flexibility, and the economic value of enabling older people to keep contributing.
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Longer Lives Reshape Lifetime Choices
- Longer lifespans force people to spread resources over more years and change lifecycle choices.
- People respond by saving more and often working longer to finance extended retirement horizons.
Birth Rates Matter For Demographics
- Falling birth rates, not just longevity, drive older population shares and change demographic thinking.
- Treating ageing purely as 'more old people' misses the altered dynamics when people genuinely live longer.
Don't Rely Solely On Personal Savings For Care
- Prepare for care-risk by saving, but recognise private saving cannot fully insure against very high care costs.
- Public policy or pooled mechanisms are necessary because individuals cannot reliably self-insure for intensive long-term care.