This article argues that there is a negative correllation between pensions and birth rates. The higher the level of pensions, the lower the birth rate. The lower the pensions, the higher the birth rate.
This has been taken to be true when comparing developed countries with developing ones. Where the vast majority of the population do not have access to a pensions system, it is natural for them to want children to support them in their old age.
The article also argues, though, that this effect can be seen in an individual developed country. Looking at changes in the Italian birth rate following a reduction in the generosity of Italian pensions for certain categories of pensioner, the article argues that the reduction in pensions spurred people to have more children.
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