||Rapid changes in the age structure in all industrialized countries have been a subject of a great concern of economists and sociologists, and more generally, of policy makers for more than a decade. It has been shown, and widely accepted, that demographic developments will have widespread economic effects. Substantial changes in the labour market, which result from demographic factors, are expected to have a major impact on the functioning of an economy. The ageing of societies will undoubtedly have a significant impact on consumption and saving rates. The distribution of wealth will change profoundly as well, as people live longer and adjust their savings appropriately. All these changes will influence interest rates and ultimately will have a strong impact on rates of the economic growth.