Wharton Pension Research Council Working Papers

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Working Paper

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As the world confronts unprecedented global aging, academics and policymakers are growing increasingly aware of the need for better risk management tools to handle the demographic transition. It is therefore imperative to identify innovative insurance and financial market products that can enrich the range of options for households, firms, and governments facing the challenge of an aging population. After outlining thoughts on how rising longevity might shape financial markets, we discuss opportunities for the finance and insurance industries in this arena. We also highlight how policymakers could respond to improve efforts to better manage risk.


This paper was prepared for presentation at the Geneva Risk Economics Lecture for the European Group of Risk and Insurance Economists (EGRIE) meetings, London, September 18-20, 2017.


aging, longevity, risk management

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Copyright/Permission Statement

This research is part of the NBER programs on Aging and Labor Economics, and the Household Finance working group. Opinions expressed herein are those of the author and not those of any institution with which the author is affiliated. ©2017 Mitchell. All Rights Reserved.


The author appreciates research support from the Pension Research Council and Boettner Center for Retirement Research at The Wharton School of the University of Pennsylvania. Valuable comments were provided by Monika Bütler.

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Date Posted: 10 August 2020