{"id":11245,"date":"2026-04-01T21:32:00","date_gmt":"2026-04-01T20:32:00","guid":{"rendered":"https:\/\/www.eurogroupconsulting.com\/?p=11245"},"modified":"2026-04-01T21:32:02","modified_gmt":"2026-04-01T20:32:02","slug":"financing-old-age-without-sacrificing-youth-the-impossible-budget-equation","status":"publish","type":"post","link":"https:\/\/www.eurogroupconsulting.com\/en\/publications\/article\/financer-la-vieillesse-sans-sacrifier-la-jeunesse-lequation-budgetaire-impossible","title":{"rendered":"Financing old age without sacrificing youth: the impossible budgetary equation?"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"11245\" class=\"elementor elementor-11245\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-1a6fe4f e-con-full e-flex e-con e-parent\" data-id=\"1a6fe4f\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t<div class=\"elementor-element elementor-element-69c016a elementor-widget elementor-widget-text-editor\" data-id=\"69c016a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<div class=\"wpb_text_column wpb_content_element \"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, 'Helvetica Neue', Arial, 'Noto Sans', sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol', 'Noto Color Emoji';\"><strong>Pr\u00e8s d\u2019un euro sur deux de d\u00e9pense publique b\u00e9n\u00e9ficierait aux plus de 65 ans, d\u00e9clarait Fran\u00e7ois Villeroy de Galhau (Gouverneur de la Banque de France) le 10 janvier dernier. <\/strong>Si les chiffres sont \u00e0 nuancer la dynamique interroge mais le signal est clair : l\u2019\u00e9quilibre interg\u00e9n\u00e9rationnel de notre mod\u00e8le social interroge. On constate un \u00e9cart des d\u00e9penses significatifs : <strong>une personne de plus de 65 ans ou plus b\u00e9n\u00e9ficie en moyenne de 42 207\u20ac de d\u00e9penses publiques et une personne \u00e2g\u00e9e de 25 \u00e0 49 ans de 15 026\u20ac.\u00a0<\/strong><\/span><\/div><div>\u00a0<\/div><div><p class=\"p1\"><strong>Peut-on continuer \u00e0 financer le vieillissement de la population de cette mani\u00e8re sans fragiliser d\u2019une part l\u2019\u00e9quilibre entre les g\u00e9n\u00e9rations et\u00a0d\u2019autre part la comp\u00e9titivit\u00e9 et la croissance ?<\/strong> \u00a0<\/p><\/div><div><h3><strong><span class=\"TextRun SCXW231896862 BCX4\" lang=\"FR-FR\" xml:lang=\"FR-FR\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW231896862 BCX4\" data-ccp-parastyle=\"heading 2\">Ce que vous d\u00e9couvrirez dans cette analyse<\/span><\/span><span class=\"EOP SCXW231896862 BCX4\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:160,&quot;335559739&quot;:80}\">\u00a0<\/span><\/strong><\/h3><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">Un d\u00e9cryptage de la d\u00e9pense publique<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Une cartographie g\u00e9n\u00e9rationnelle des transferts<\/span><span data-contrast=\"auto\">\u2028<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><div>\u00a0<\/div><p><b><span data-contrast=\"auto\">Les grandes questions au c\u0153ur de cette note de r\u00e9flexion\u00a0<\/span><\/b><\/p><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"auto\">La d\u00e9pense publique privil\u00e9gie-t-elle les seniors ?<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"auto\">Les actifs de 25 \u00e0 49 ans sont-ils les \u00ab\u202fgrands oubli\u00e9s du syst\u00e8me\u202f\u00bb ?<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"auto\">Pour 1 \u20ac de d\u00e9pense publique, qui finance quoi\u2026 et qui en b\u00e9n\u00e9ficie r\u00e9ellement ?<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"auto\">Qui consomme quoi en mati\u00e8re de d\u00e9penses publique ?<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><ul><li aria-setsize=\"-1\" data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:[8226],&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" data-aria-posinset=\"5\" data-aria-level=\"1\"><span data-contrast=\"auto\">Comment se r\u00e9partissent les d\u00e9penses entre l\u2019\u00c9tat, les collectivit\u00e9s et la protection sociale ?<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li><\/ul><div>\u00a0<\/div><p><span data-contrast=\"auto\">T\u00e9l\u00e9chargez notre analyse compl\u00e8te et d\u00e9couvrez les pistes de r\u00e9flexion pour relever ce d\u00e9fi majeur\u202f: pr\u00e9server notre mod\u00e8le social sans compromettre l\u2019avenir des g\u00e9n\u00e9rations qui le financent.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p><\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-5cfb964 e-flex e-con-boxed e-con e-parent\" data-id=\"5cfb964\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-5e313af elementor-button-info elementor-align-center elementor-widget elementor-widget-button\" data-id=\"5e313af\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t\t\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/www.eurogroupconsulting.com\/wp-content\/uploads\/2026\/04\/Financer-la-vieillesse-Eurogroup-Consulting-x-CRAPS.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Consultez l'article complet<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-8d875d7 e-flex e-con-boxed e-con e-parent\" data-id=\"8d875d7\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Nearly one in two euros of public spending benefits those over 65, stated Fran\u00e7ois Villeroy de Galhau (Governor of the Bank of France) on January 10th. While the figures need nuance, the trend is concerning and the signal is clear: the intergenerational balance of our social model is being called into question. Today, we observe a significant gap in spending: a person aged 65 or over benefits from an average of \u20ac42,207 in public spending, while a person aged 25 to 49 benefits from \u20ac15,026. <\/p>\n<p>Can we continue to finance the aging population in this way without, on the one hand, undermining the balance between generations and, on the other hand, endangering competitiveness and <\/p>","protected":false},"author":8,"featured_media":11317,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[32],"tags":[38,43],"class_list":["post-11245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article","tag-featured-post","tag-highlight"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Financer la vieillesse<\/title>\n<meta name=\"description\" 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