"By 2025 one of 5 Europeans will be more than 65 years old, up from 16 percent in 2002. With more retired citizens, who tend to consume their savings, and fewer working age-citizens, who create most of those savings the absolute level of savings will plunge across most of Europe. In the United Kingdom, Germany and Italy- three of Europe's largest economies- household financial wealth will be 4$ trillion less than it would had been if historical growing rates would have persisted." (Quoted from paper)