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The goal of is this paper is twofold. Fisrt, the first complete estimates for National Transfers Accounts (NTA) applied to Spain are presented. The excess of total consumption on labour income--the life cycle deficit-- and the way it is financed through age reallocation via market, public, or private transfers, is obtained. These estimates are then used to measure the revelance of the first demographic dividend. Second, the similitaries between this technique and Generation Accounting (GA) are discussed, highlighting the way they could complement each other to give a more complete picture of the effects of ageing on the economy. In particular, the way GA sustainability indicatoros might be extended to include not only public transfers but also other age reallocations occurred through family and market is shown.
