The other day, my attention was drawn to an item on BBC News about Ireland's looming emigration crisis. Basically, the problem is that the country's depressed employment market is prompting many thousands of young people to jump ship and search for work abroad. And those leaving are not the poorly qualified but in, many cases, university graduates. According to the BBC report, more than 25% of all Irish households have seen a family member emigrate over the last 24 months.
The statistics paint a similarly bleak picture in Portugal where many highly qualified young people have fled the country for either Switzerland or Portugal's former colony of Angola. Spain and Greece are also suffering from an exodus of their young people.
Such developments seriously damage national economies and pull families apart unnecessarily. They also accelerate the ageing of societies and make the problem of funding longer lives even more difficult to solve. How are the governments concerned going to finance pensions and look after the elderly if their young people are paying their taxes into foreign coffers?
Watch the BBC news item here:
Category: Funding longer lives