At the edge of stagflation or a recession with high inflation, Brussels may push Spain to adjust pension payments for millions of retirees. In Europe, and among anti-inflation frameworks, pension growth is expected to halt alongside price increases, within the framework of income pacts where workers and employers agree to trim salaries and benefits.
Until that moment arrives, it is useful to look at how Spain’s pensioner group has evolved. The group increasingly is referred to as seniors rather than retirees, a change that reflects a shift in how society views older people in Spain. This term emphasizes a cohort that is older and generally enjoys higher and more stable incomes than younger, working-age adults.
The reasons for this shift are widely understood, yet it remains important to recognize the strength of Spain’s healthcare system, which supports one of the world’s highest life expectancies. Spain also benefits from a pension system that remains among the most generous globally, a contrast to the more restrictive approaches found in some other European nations. At the same time, the national labor market struggles to demonstrate strength: there is persistent youth unemployment and precarious work, and a recent trend has accelerated the erosion of top talent within Spanish companies.
Evidence from the Agingnomics research center indicates that older Spaniards hold wealth and income not seen before in the country’s history, though it should be noted that Spaniards tend to retire earlier than some European peers and exhibit lower engagement in employment after age 55. This gap extends to lower employment and activity rates in Spain relative to Italy, Portugal, France, Germany, Poland, and Sweden, alongside higher unemployment rates and elevated female unemployment in some cases.
If the goal is to move beyond debates about aging or pensions and to unlock the potential of the 18 million Spaniards, the focus should shift to the elderly as a population with ongoing value rather than simply a demographic to manage.
Talking about seniors means acknowledging the skills and capabilities they can still bring to society through employment, self-employment, or volunteer work, a point highlighted by Professor Benigno Lacort. The concept of seniors instead of retirees supports policies that harmonize work with pensions and discourage early retirement. When companies recognize seniors as valuable contributors, they can discover growth opportunities through a loyal customer base and a demand for goods and services tailored to this group. Seniors may request that firms measure and publicly report social impacts, extending beyond environmental and gender diversity to include intergenerational diversity. They may opt to continue part-time work or pursue new ventures, and governments can support this through attractive tax incentives, public assistance, and reductions in self-employment charges. Forward-thinking firms in other regions can serve as examples of how to promote longer working lives and encourage second careers for former employees.
Continued learning is essential, and lifelong training remains a hallmark of a productive senior workforce. Bank of Spain data show a gap in training participation between older Spanish workers and their European counterparts, underscoring the need for collaborative public-private programs focused on re-skilling and up-skilling. This requires a sustained commitment to vocational retraining that keeps seniors engaged in the labor market.
Surprisingly, the elderly have become a powerful force in both political and economic arenas. Their increased influence translates into tangible consumer power and a stronger public profile, which can deter age-based discrimination by governments and companies alike. Yet the path forward requires that seniors themselves recognize that stepping away from work for decades is neither economically prudent nor healthy. The idea of choosing to be known as a senior rather than simply retired is a candid statement about identity and purpose in later life.