However, the study projects that future generations’ tax burden will be slightly lower than newborns’, “implying relative intergenerational balance looking out into the future.”

Factors such as higher-than-expected interest rates and lower-than-expected population growth could tip the balance and increase the tax burden on future generations, the study says.

“Also, should the cost of public healthcare grow at a faster pace than the 1.3% rate assumed in the report’s baseline scenario, for example at an average 3.3% rate (as happened during the period of 1996 to 2010), it would shift the resulting tax burden to future generations and render a large and untenable imbalance,” the study says.

Read the full report here.