Aging is a global phenomenon. The number, and the proportion as a share of the population, of older people are both growing rapidly in many developed and developing countries. Other countries will experience such growth in years to come. The United Nations predicts that, by 2050, there will be over two billion people aged 60 and above worldwide. One in five people in developing countries will be 60 or more.
While definitions and concepts of what constitutes “old” differ around the world, such significant demographic shifts create new challenges for policymakers seeking to achieve sustainable financial inclusion. It is important to address these now, rather than placing unnecessary financial burdens on younger generations or add to inequality.
In particular through the Global Partnership for Financial Inclusion (GPFI), the G20 has placed strategic importance on the financial inclusion of older people under its 2017 Financial Inclusion Action Plan. The 2019 Japanese Presidency has prioritized work to address the challenges faced by aging populations in G20 and non-G20 countries across the spectrum of development.
The GPFI has identified eight priorities. These aim to help policymakers, financial service providers, consumers and other actors in the real economy to identify and address the challenges associated with aging populations and the global increase in longevity. The priorities reflect policies and practices to improve outcomes for both the current generation of older people and future generations.
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