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Aging and Financial Inclusion
Fast Facts

1he populaLlon of older people wlll
almosL double ln mlddle-lncome
counLrles beLween 2010 and 2020,
and wlll lncrease by 40 percenL

8y 2020, llfe expecLancy ln mosL
reglons wlll be above 63.

8y 2030 Lhere wlll be 1.3 bllllon
older people ln Lhe world.

Cne ln four older people ln low and
mlddle-lncome counLrles do noL
have a penslon, and mosL penslons
are lnadequaLe Lo meeL lndlvldual

As llves grow longer, older people
musL flnd sources of lncome. Many
wlll work longer, some wlll sLarL
buslnesses. 1radlLlonal famlly-based
sLraLegles wlll be sLreLched Lo or
beyond Lhelr llmlLs.

CllenL proLecLlon ls an lmporLanL
conslderaLlon for older people slnce
Lhey are especlally vulnerable Lo
fraud and abuse.

W|th s|ow|ng b|rthrates and r|s|ng ||fe expectancy, o|der peop|e w|||
soon be the fastest grow|ng popu|at|on segment |n the wor|d. ln
facL, Lhls segmenL ls already Lhe fasLesL growlng ln many mlddle-lncome
economles. 8y 2020, Lhe number of older people ln Lhe world wlll be 40
percenL hlgher Lhan ln 2010 - LoLallng more Lhan 710 mllllon people. 1hese
fasL-rlslng numbers wlll requlre slgnlflcanL changes ln Lhe way socleLles
respond Lo laLer llfe.

An Overlooked Need

Ind|v|dua|s need to beg|n prepar|ng f|nanc|a||y for o|der age we|| before
they reach |t, and we||-crafted f|nanc|a| serv|ces can p|ay a key ro|e.
needed flnanclal servlces lnclude savlngs accounLs, penslons, small loans
for home accesslblllLy, access Lo buslness loans laLer ln llfe, healLh and llfe
lnsurance, and lnLergeneraLlonal Lransfers of asseLs. llnanclal servlces
provlders have Lhe opporLunlLy Lo creaLe relevanL producLs for Lhls
growlng markeL. CovernmenLs also play an lmporLanL role ln preparlng
socleLles for populaLlon aglng. 8uL for Lhose aL Lhe base of Lhe pyramld
globally, governmenL supporL musL be supplemenLed by prlvaLe sLraLegles
lor older people aL Lhe base of Lhe pyramld, reLlremenL ls noL Lyplcally an
opLlon, desplLe Lhe necesslLy of a slowed work pace. And wlLh smaller
famllles, lndlvlduals can no longer counL on Lhelr chlldren Lo Lake on Lhelr
care, Lhough lnLra-famlly Lransfers wlll conLlnue Lo be very lmporLanL. Cne
ln four older people ln low and mlddle lncome counLrles do noL have a
penslon, and ln many lower-lncome counLrles, penslon sysLems are
lnadequaLe Lo secure mlnlmum flnanclal securlLy for a broad range of
people. ?eL, savlngs by mosL adulLs aL Lhe base of Lhe pyramld are far
below Lhe level needed for an expecLed perlod of reLlremenL or an ablllLy
Lo pay for medlcal care. ln many counLrles LhaL have penslon sysLems,
responslblllLy ls shlfLlng Loward cooperaLlon of Lhe publlc and prlvaLe
secLor Lo creaLe a more effecLlve seL of offerlngs, and lndlvlduals musL be
educaLed and encouraged Lo save and lnvesL more.

Percent Rise in Older People by Region, 2010-2020

Income Streams for Older People Are Varied and

ln mosL parLs of Lhe world, older people are noL llkely Lo have Lhe
resources Lo sLop worklng, alLhough Lhey may have Lo ad[usL Lhelr work.
1he lncome sLreams LhaL older people rely on ofLen come from a varleLy of
places, lncludlng penslons, work, famlly, and asseLs already owned. 1hese
sources are ofLen lnformal.

1he varled lncome sLraLegles LhaL older people employ have lmpllcaLlons
for Lhelr flnanclal servlces needs, especlally slnce Lhelr expenses may be
unpredlcLable. Savlngs and credlL may be lmporLanL for maklng sure LhaL
Lhere are noL slgnlflcanL lncome gaps. lnsurance ls crlLlcal Lo mlLlgaLlng
flnanclal shocks, especlally Lhose relaLed Lo healLh.

In many contexts, f|nanc|a| serv|ce prov|ders d|scr|m|nate aga|nst
o|der peop|e through the |mpos|t|on of age ||m|ts, somet|mes
mandated by |aw and somet|mes |n an organ|zat|on's po||c|es. Age
llmlLs for credlL or mlcrolnsurance mean LhaL older people have llmlLed
opLlons ln Lhelr flnanclal managemenL and lncome. Many of Lhese
dlscrlmlnaLory pracLlces are based on longevlLy expecLaLlons LhaL are no
longer relevanL, as llfe expecLancy has rlsen. Many people could be (and
need Lo be) economlcally acLlve for 13-20 years afLer reachlng age 60.
Moreover, blankeL age llmlLs do noL conslder Lhe lndlvldual needs and
ablllLles of older people.

Whlle older people can be excellenL flnanclal servlces cllenLs, some
accommodaLlons may help. Some older people have physlologlcal lssues,
such as decreaslng vlslon, moblllLy or dexLerlLy, or lack of comforL uslng
newer Lechnologles. ln hlgh-lncome counLrles, fraud and flnanclal abuse
have emerged as problems LhaL dlsproporLlonally affecL older people.
CllenL proLecLlon efforLs LhaL pay speclflc aLLenLlon Lo Lhe needs of Lhe
older people could ald ln correcLlng Lhls problem.

About HelpAge

HelpAge International is a non-profit organization and a
global network of over 100 affiliated organizations in 70
developing countries, which work together to improve the
lives of older people. We work to ensure that older people
are included in international development and have access
to emergency relief, income security, health services and
human rights. HelpAge USA, the US-based affiliate, raises
awareness about global aging and works with our global
network of affiliates and partners to implement programs
and policies that address the needs of older people in the
worlds poorest communities. To learn more about
HelpAge, visit www.helpageusa.org.

About the Center for Financial Inclusion

The Center for Financial Inclusion at Accion (CFI) is an
action-oriented think tank working toward full global
financial inclusion. Constructing a financial inclusion sector
that reaches everyone with quality services will require the
combined efforts of many actors. CFI contributes to full
inclusion by collaborating with sector participants to tackle
challenges beyond the scope of any one actor, using tools
that include research, convening, capacity building, and
communications. For more, visit

Data Sources: CuallLaLlve daLa:
ConversaLlons wlLh represenLaLlves
from World Cranny, PelpAge,
CpporLunlLy 8omanla, Age uk,
AA8, ulgnlLy loundaLlon,
Lurofound, Mlcro enslons,
Consumers lnLernaLlonal, Lhe
Saplenza unlverslLy of 8ome, Lhe
naLlonal CommunlLy 8elnvesLmenL
CoallLlon, and Lhe Consumer
llnanclal roLecLlon 8ureau.
CuanLlLaLlve daLa: Age daLa come
from Lhe unlLed naLlons 2010 and
Lhe World 8ank 2013, flnanclal
servlces daLa come from Lhe World
8ank 2011.