Talking #AgeFinclusion: Meeting the Financial Needs of the Rapidly Growing Older Demographic

> Posted by Center Staff

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Last week Aging and Financial Inclusion: An Opportunity was released, a new FI2020 report from CFI and HelpAge International supported by MetLife Foundation. The report examines the unmet financing needs of older adults, an area of increasing importance as global demographic shifts see the rapid expansion of this population segment. Within 25 years, the percent of the world’s population over age 60 will nearly double.

As part of the report’s launch, HelpAge International’s Head of Policy Eppu Mikkonen-Jeanneret, MetLife Foundation’s Financial Inclusion Lead Evelyn Stark, and CFI’s Managing Director Elisabeth Rhyne sat down to discuss the project and its findings. The conversation, among its topics, touched on the scale of the demographic shifts at hand, the opportunities in these changes, where we are with pension services, and action areas for policymakers, providers, and support organizations.

To listen to the full conversation, press “play” on the embedded audio above. Here are a few quotes.

 “Every cohort that we have coming through is healthier and better educated. So in terms of including them in financial services and generally in society itself, it gives access to a lot more talent that is currently being missed.” – Eppu Mikkonen-Jeanneret, HelpAge International

 “[Older adults] can borrow for productive enterprise. They still want to do savings. They may be supporting grandchildren or children in university or elementary school, and they need to be able to make payments as well.” – Evelyn Stark, MetLife Foundation

“One of the things that pops out is the need for collaboration between the public and private sectors. Solutions that are focused on one sector only, whether it’s the government or whether it’s the private sector, they’re not going to work.” – Elisabeth Rhyne, CFI

For more on aging and financial inclusion, read the new FI2020 report, here, or our key messages on the topic, here. Join the conversation on Twitter using #AgeFinclusion.

Have you read?

Aging and Financial Inclusion: An Opportunity

The Opportunity of Pensions Expanding with Life Expectancy

Bank Accounts: What’s Age Got to Do with It?

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