NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, December 4, 2014

Today, over 40 leaders from across Latin America, including the banking, microfinance, academic, and aging advocacy sectors, joined together in Bogota, Colombia for a roundtable on the topic of Aging and Financial Inclusion. The meeting focused specifically on aging demographics in Latin America and the increasing need for access to quality financial services—including pensions, savings, insurance, loans, and payments.

The roundtable is organized by HelpAge and the Center for Financial Inclusion at Accion (CFI), and is funded by MetLife Foundation. The roundtable is part of a wider partnership to explore the issue of aging and financial inclusion, using an understanding of income sources for older people, financial services needs, and demographic trends.

“HelpAge works to ensure that all people can enjoy income security in older age and quality financial services can play a key role in meeting this goal. The roundtable is a unique opportunity to exchange knowledge between experts on this important issue, and to develop an agenda for action,” said Toby Porter, CEO of HelpAge International.

The outcome of the roundtable will contribute to a report on financial inclusion and aging informed by research from both HelpAge and CFI. Given that over-65 is the fastest-growing age bracket in many countries in Latin America, this issue is especially relevant to the region. Concurrently, life expectancy is also on the rise and many individuals and countries will face the unique financial needs and responsibilities that accompany later life.