and competing spending needs on, for example, security and defense are likely to constrain the reach and sustainability of public expenditure on care systems over the next decade. Without increased public or blended investment, care demand will continue to be unmet. Economies already experiencing this challenge are resorting to stop-gap measures, including attracting migrant care workers from other economies. But if this turns into a talent drain from countries with more youthful societies, those countries may then struggle to reap the benefits of their demographic dividend and will, several decades from now, run into super-ageing society challenges of their own. There will be no easy solutions to this problem set, given the sustained strength to 2035 of the two underlying trends generating higher average dependency ratios, not only across super-ageing societies, but at the global level: declining fertility rates and rising life expectancy, though not necessarily in better health.73Pension crises Over the next decade the pensions crises and their implications will start hitting home in super- ageing societies, as it becomes clear that current state pension systems were designed for a much younger demographic with fewer years of retirement that needed funding. But it is not only state pension systems that will be struggling. Many employees are moving from Defined Benefits to Defined Contribution schemes – putting the onus on the individual to come up with strategies for saving over a lifetime. However, for many people this can be challenging as they may have insufficient income, lack the requisite financial understanding,74 or fail to make good early decisions about savings and retirement.75 As dependency ratios rise, fewer people will be contributing to employer and private pensions schemes relative to the number of people whose retirements need funding, and with the length of those retirements rising. This will put pressure on institutional pension funds, some of which may seek to increase their returns by allocating higher proportions of their assets to riskier investments, such as crypto assets, private credit or other National risk perceptions: Labour and/or talent shortage FIGURE 2.14 Source World Economic Forum Executive Opinion Survey 2024.Executive Survey Opinion rank of national risks from the question “which ﬁve risks are the most likely to pose the biggest threat to your country in the next two years?” Rank 1st10th20th30th34th Global Risks Report 2025 61