How has Spain’s population pyramid changed? The new reality of the senior population

Spain is one of the world’s longest-lived countries and, for the first time, there are now more people over the age of 65 than there are under 15. A figure that reflects a quiet transformation: the traditional population pyramid has morphed into an increasingly rectangular, ageing block.

According to Spain’s National Statistics Institute, in 2025 life expectancy reaches an average of 83.4 years, and Eurostat projects that by 2050 more than 30% of the population will be aged 65 or over. We will live longer and better, but are we truly prepared for this new reality?

For the first time, there are more people over 65 than under 15: the traditional pyramid has inverted. Longer lives are a positive achievement, yet they also bring pressing challenges for today’s society. The public system faces unprecedented pressure, and active longevity offers an opportunity, but also requires us to rethink how we fund more years of life and safeguard the quality of every stage. International organisations are clear: foresight and private savings play a crucial role in this new landscape.

From pyramid to rectangle: the new demographic reality

Spain’s population pyramid has changed beyond recognition. At the start of the 20th century, the base was wide, with many children and young people, and the tip was narrow, with few older adults. Today, that shape has broadened at the top.

In 1900, life expectancy barely reached 35 years. By 2025 it will exceed 83, and by 2050, many studies estimate that a significant portion of the population could live beyond 90. The dependency ratio is tightening: every 100 working-age people will need to support more than 70 people aged 65 or older.

This new balance forces us to face a demographic reality that calls for economic and social solutions to support an increasingly older society.

Longevity today: retirement in three stages

Living longer doesn’t mean the same thing for everyone. Today, later life is not a single block but a stage divided into three very different phases:

1. Active adulthood: after 60, many people continue working, start businesses, study, travel and care for others. It’s a phase of independence and projects.
2. Fragility: physical limitations or illnesses emerge, requiring greater support from family, carers or professional services.
3. Dependency: in this final stage, ongoing care, home adaptations and specific support networks may be needed.

Where family once played the central role, people now live longer but often have a more limited support network. New needs emerge, demanding tailored social and economic solutions rather than one-size-fits-all responses.

A shared challenge: a society reinventing itself to live longer and better

Living longer is not just an individual matter; it’s a challenge for families, communities, public institutions and businesses. An ageing society must reinvent itself to ensure quality of life, wellbeing and economic sustainability for all generations.

The challenge of longevity is not only reaching advanced ages but deciding how we want to live those extra years. This means rethinking income, assets, housing, care and work and turning longevity into an opportunity, not a burden. It’s a commitment to reimagine how we work, consume and protect our future.

Key needs and opportunities

With life expectancy potentially exceeding 90 years for those born in Spain today, relying
solely on a state pension is no longer enough to guarantee wellbeing.

Financial planning

An increasing number of people are combining their pension with lifetime annuities, investment funds, pension plans and other savings and investment solutions that provide extra liquidity. According to the Bank of Spain (2024), more than 35% of today’s retirees already supplement their pension with additional income.

In Spain, more than three in four people over 65 own their home (INE, 2024). Unlocking that equity without leaving the home is key for many families: options such as reverse mortgages, selling the bare ownership, or advance rental agreements can convert property into income, strengthening financial security while staying in the family home.

Dependency and care

Living longer increases the likelihood of needing help with daily tasks or specialist care. Planning ahead for costs associated with dependency — care homes, carers, teleassistance or home adaptations — helps families make calm, informed decisions and avoid unforeseen strain in vulnerable moments. According to IMSERSO, 20% of people over 80 require continuous assistance.

Employment and training for the over-60s

Extending working life, when desired, not only adds income but keeps knowledge and social networks active. Japan and Germany already run well-established continuous learning and retraining programmes for people over 60. In Spain, incentives for voluntarily extending careers and senior training are developing, but there’s still ground to cover to match our European neighbours (Eurofound, 2024).

Planning for peace of mind: foresight and protection

Anticipating future needs is the best way to gain peace of mind. Longer lives require clear strategies to diversify income, protect the home, plan for dependency and organise inheritance. This is where Generación +, CaixaBank’s initiative, comes into its own, supporting every stage of this new longevity with:

• Tailored protection and liquidity: products such as lifetime annuities, investment funds, reverse mortgages or sale of bare ownership.
• Comprehensive support: solutions for managing dependency, professional care services and specialised human advice.
• Knowledge and foresight: a pioneering research lab, in partnership with ESADE, Comillas and Deusto, that listens to the senior generation to design living solutions aligned with their real needs.

A new perspective: experience, empathy and less ageism

A long-lived society needs to break down prejudices and overcome age barriers. The accumulated experience of the senior generation is a value that enriches society as a whole: it contributes time, intergenerational care, volunteering, mentoring and community involvement. Championing less ageism and more empathy paves the way for more human models, accessible housing, neighbourhood support networks, flexible employment and living arrangements adapted to different life stages.

In conclusion

The question is no longer whether there will be pensions when we retire, but how we want to live each stage of our lives. The senior generation rejects one-size-fits-all answers: it demands choice, information and the confidence to decide without fear.

With more than four million clients aged 65 or over, VidaCaixa wants to be there for them, adapting to new realities with new solutions. We are the company for the senior generation, working to ensure their wellbeing and meet their needs.

Planning today is the best way to decide tomorrow. And when the pyramid changes, you have a plan that changes with you.