Education and labour market structures are important for decisions on and opportunities of employment particularly for young women and older workers.
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Well-educated people typically earn more than those with a lower level of education. Education also improves earnings by enhancing a person’s employment prospects.
Finland is now facing problems similar to those with which Japan has already struggled for more than a decade. The population is ageing and the public finances are moving deeper into debt.
The ageing households spend less of any additional income on consumption than the young. Population ageing may weaken the impact of interest rate changes on the economy.
The longer working careers and higher earnings of those now retiring have caused a rising trend in earnings-related pensions. As this has been accompanied by a strong increase in unemployment expenditure and slow growth in aggregate income, a growing number of households now depend on current transfers.