Financial issues, difficult health challenges and how they can be addressed.
Low fertility has been a major problem for the whole world – and of course for our country – in recent years, with surveys showing that the evidence for the future is not encouraging. In Greece in particular, there are cases where the indicators related to the demographic issue are even more disappointing compared to EU figures, which demonstrates the need for actions and initiatives that can address the problem and alleviate the consequences that has in society.
A scientific study analyzes the criticality of the demographic issue
Some of the above conclusions are also evident in the results of a related study on “Demographic problem in Greece: Challenges and policy proposals”, which was sponsored by Eurobank and implemented by reputable scientists Foundation for Economic and Industrial Research (IOBE). The study states that the population of our country decreased by 441 thousand (-4.0%) in the decade 2011-2021, with the decrease and aging of the population predicted to continue in the coming decades. In the baseline scenario of demographic projections, the population of Greece is actually predicted to decline to 8.1 million by 2100, which is a population decrease of 2.5 million people or 24%, compared to 2021 Most worrying of all, however, is that the demographic developments according to the forecasts available for Greece are much more rapid than for the Eurozone as a whole, in which the population is expected to decrease by only 4.2% by in 2100. Based on the extent of expected population decline by 2100, Greece ranks third worst position in the Eurozone, after Latvia and Lithuania, which is particularly troubling. So why is our country’s population declining and what are the factors that make low fertility a top problem that needs to be urgently addressed?
The financial reasons that make it difficult for a couple to raise their family
One of the most important reasons that lead a couple to hesitate to raise their family has to do, of course, with economical factor. Living in times of difficult circumstances, the income of Greeks has decreased significantly in many cases, making it difficult for them to meet the increased expenses that exist when raising a child. The IOBE study notes, in fact, on the subject that, while various lump-sum family benefits are at a relatively high level, Greece is at lower levels compared to the EU average in terms of periodic cash benefits for the family and the child, as well as in per capita expenditure on benefits in kind. This is certainly an area in which support is required both from the state and from third-party initiatives and actions, so that a couple can feel confident that they can cope with raising one or more children, even under the difficult circumstances we are going through.
The difficult challenges that concern the health sector
Another factor that worries a couple who wants to grow their family concerns the critical issue of health, both in terms of increased expenses and access to structures, which is of particular concern to those who live in critical areas. The study of IOBE emphasizes on this issue the high level of of direct private health expenditure (out-of-pocket payments) as well as pharmaceutical and hospital expenses, while in Greece the payments for long term care, prevention and primary health care. As is evident, demographic developments further sharpen the need for the establishment of policies aimed at improving the adequacy and readiness of the health system in terms of demographic and epidemiological changes, shielding it against future financial pressures and promoting a higher level of health and livelihood for all.
The importance of initiatives that support the resolution of the demographic issue
Under these circumstances, it is important to have actions and initiatives that will support the Greek family in the difficult challenge of raising children. Initiatives such as FORWARD for her family Eurobank highlight the importance of the demographic issue for the country, supporting families living in remote and remote areas of the country, in geographical areas from the remote Evros, the islands of the North-East Aegean and the Dodecanese to Kastelorizo.
The bank cooperates with the NGO Missionwhich offers baby packs with all the essentials for newborn children in critical areas, but also with the Union Together for the childwhich offers psychological support services through the 11525 telephone line and psycho-counseling seminars for new and expectant parents. Also, the BROSTA initiative for the family takes action even in matters of dealing with infertility, in collaboration with the Union Be-Liveat the level of the information campaign and covering expenses for IVF in infertile couples.
In parallel with the above actions, Eurobank designed banking products, with social targeting. The aim was to create choice and greater security for new parents with insurance, housing, rewards and savings services and products.
Addressing the demographic, for a better future for all
The demographic is a problem that affects everyone, regardless of age, place of residence or other factors. According to the IOBE study, in the labor market, the expected demographic developments lead to a smaller workforce, with a higher average age and lower productivity. It is obvious that the reduction of the economically active population has a negative effect on the labor supply. Inaction in the face of demographic trends, due to the absence of policies that will prioritize both the better adaptation of the economy and the mitigation of the economic problem, is estimated to cost very dearly in the long term in terms of GDP, employment, fiscal resources, but also per capita welfare. Higher fertility can limit GDP losses by 2100 by 10 percentage points compared to a low-fertility scenario. It is, therefore, an immediate need for the synergy of agencies and organizations to give even more incentives to create a family, for a better future for everyone.
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