Growing elderly population

The world's elderly population is expected to rise from 841 million in 2013 to almost 2 billion by 2050, representing an increase of about 230 percent over the period. Elderly face heightened risks of ill health and poverty as their labor capacity declines and they become dependent on others for support (United Nations, 2013).

Demographic changes due to lowering birth rates imply an increasing percentage of older people and higher old age dependency ratios, especially in developping countries. Currently 1 out of 10 people is aged over 60, in 2050 this will be 1 out of 5. Of these elderly 60% live in developing countries and it is projected that it will be 80% by 2050. As younger people migrate to cities and traditional family structures no longer prevail, these elderly will have to be more self-supportive.

Old age poverty risk

People living in the informal economy have an increased risk of old age poverty. Around 70% of the working population in Africa, Asia and Latin America work in the informal sector. They are able to frequently set aside small amounts of money, but often lack banking access or vehicles to save in a safe and affordable way. Neither are traditional saving methods able to convert their savings into funds large enough to support them during old age.

Traditional pension products exclude or are too expensive for the majority of people working in the informal economy. They do not take into account the challenges of pensions for the informal economy in developing countries, these challengers are:

For pension participant

  • High inflation Lack of and affordability of pension products
  • No banking access and remote locations
  • Low financial literacy
  • Low pension awareness

For pension provider

  • High administrative costs
  • Lack of micro pension knowledge and experience
  • Lack of trustworthy identification
  • Participants' trust
  • Corruption and fraud

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BluePrint Pension Services BV
Van Beuningenstraat 79
2582 KL Den Haag
The Netherlands

Robert Timmer


Beryl van Andel


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