Podcast/Vodcast/Audio
Superannuation and Investments

Investment Ideas: Demographics

Aidan NguyenDouglas IslesJan SwinhoeActuaries Institute
By Actuaries Institute, Jan Swinhoe, Douglas Isles, Aidan Nguyen Short read • 27 February 2025

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Are we ready for a world with fewer babies and longer lives?

In the latest instalment of Investment Ideas, Demographics, Jan Swinhoe and Douglas Isles sit down with Dr David Knox AM and Associate Professor Katja Hanewald to explore the economic and investment implications of global demographic shifts.

Key areas discussed include:

  • The dual demographic challenge of declining birth rates globally alongside increasing lifespans
  • Rethinking retirement in an aging society
  • Accumulation versus retirement income in Australia's pension system and role of housing wealth in retirement funding
  • The socioeconomic gradient in healthy aging
  • Investment opportunities in aging-in-place services and health system navigation technology

About the guest speakers

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Dr David Knox AMDavid Knox, PhD, is a senior actuary and was most recently a senior partner at Mercer. While at Mercer, David was the lead author of the Mercer CFA Institute Global Pension Index since its inception in 2009 through to 2024. In more than two decades in academia, he acted as a consultant to a range of financial organisations in both the private and public sectors, specialising in superannuation and retirement incomes. David has spoken and written widely in this area and has served on many government and industry committees. Before joining Mercer, he worked for PricewaterhouseCoopers and was previously the Foundation Professor of Actuarial Studies at the University of Melbourne. In 2023, he was named a member of the Order of Australia for his significant service to the financial sector.

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Katja HanewaldKatja is an Associate Professor in the UNSW School of Risk and Actuarial Studies and a Vice President of the Asia-Pacific Risk and Insurance Association (APRIA). Her research focuses on modelling longevity and healthy ageing trends, as well as developing risk management and insurance strategies to address population ageing. Her work has been published in leading insurance, actuarial, economics, and health journals. She is a Co-Editor of the North American Actuarial Journal, an Editor of the Journal of Pension Economics and Finance, and an Editorial Board Member of the Journal of Risk and Insurance and the ASTIN Bulletin.

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About the authors
Actuaries Institute
The Actuaries Institute is committed to promoting the actuarial profession and provides expert comment on public policy issues that exhibit uncertainty of future financial outcomes.
Jan Swinhoe
Jan spent the first 9 years of her career working in the Superannuation world with limited exposure to investment intricacies, but she was curious (and naiive enough) to respond to an ad through the Actuaries Institute that sought trainee derivatives dealers for a large US investment bank. The rest is history with Jan spending the next twenty years of her career in banking and broadening out many aspects of her structuring expertise to complete numerous transactions for large global companies. Since commencing her Non-executive career in 2011, she has sought to merge these passions and has served on a number of Boards including Mercer Superannuation (Chair for 10 years until June 2024), IMB Limited, Suncorp Superannuation, Athletics Australia (First female President) and Fusion Retail Group. Jan currently serves on the Boards of Swiss Re Life & Health, Australian Philanthropic Services and Vanguard Super. Jan’s personal interests include running, financial literacy for all and mental health.
Douglas Isles
Douglas qualified as an actuary in 1999 while working at Aegon UK, where he worked in marketing and then as an investment manager. He moved to Australia in 2002, and after a brief spell with CBA, has spent over 17 years at Platinum Asset Management, in two stints, sitting on their management committee since rejoining in 2013. He is currently the Head of Investment, having previously been an Investment Analyst and Investment Specialist. Douglas lived in Singapore from 2009, launching Pengana Capital’s Asian office before working in equity sales for Standard Chartered Bank. He has an MA in Mathematics from Trinity College, Cambridge, became a Fellow of the Actuaries Institute in 2019, is a member of the AICD and sits on the board of Odyssey House NSW.
Aidan Nguyen
Aidan is the Public Policy Lead for the Actuaries Institute where he cares about improving and aligning financial wellbeing for all. He helps actuaries use their voices as both trusted adviser and honest broker to get better public policy and effective regulation.


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