1、10 September 2025Allianz ResearchThe fertility rate paradox:Education is keyAllianz Research2Content Page 3-4 Executive SummaryPage 5-10 Money cant buy more children Page 11-21 Low fertility rates are here to stayPage 22-27 The world population might peak earlier and age even faster than expectedPag

2、e 28-30 Capital-funded pension provision and flexible retirement solutions gain in importance Page 34-38 AppendixPage 31-33 Education is key for increasing productivity 10 September 20253SummaryExecutiveArne HolzhausenHead of Insurance,Wealth&ESG RMoney cant buy more children.Among OECD countries,ta

3、x breaks,cash benefits and services granted for families and children corresponded to 1.8%of GDP.In the EU-27,the average share of government expenditures spend on family and children has increased from 1.6%in 2001 to 1.9%of GDP in 2023,ranging from 0.8%in Malta to 4.0%in Denmark.However,in many ind

4、ustrialized countries today family and children policy is not only considered an important element in preventing childhood poverty and smoothing consumption,but also as more or less subtle incentive to increase the fertility rate.The unprecedented decline in fertility rates in many countries,calls t

5、he targets of todays family policy into question,suggesting that just spending more money does not necessarily lead to higher fertility rates.This in turn raises the question of whether it would not be more important to focus family policies on guaranteeing that every child has the same chances irre

6、spective of the parents income and to push ahead with the necessary measures to adapt labor markets and pension systems to the reality of aging societies.Even more so,if todays critics of the UN population projections turn out to be right and the world population ages much stronger than expected in