WEF Urges Global Leaders To Support New Longevity Economy Principles For Aging Individuals

The World Economic Forum (WEF) has called upon governments, corporations and civil society to be prepared for a significant demographic shift and guarantee the resilience and sustainability of economies and societies in the long run. 

It stressed that by 2050 the global population over 60 years old will grow twofold, reaching 2.1 billion people. This could consequently cause a significant number of individuals to outlive their retirement savings by a span ranging from eight to nearly 20 years.

To support this transformation, the WEF introduced a 'Longevity Economy initiative', in collaboration with Mercer and over 35 organisations representing business, government and civil society, establishing six longevity principles.

As per WEF, these principles are focused on society's role to ensure all individuals can meet their financial needs, enjoy a healthy life, access employment and learn opportunities and live a life filled with purpose at different life stages.

In a statement, Matthew Blake, Head of the Centre for Financial and Monetary Systems, World Economic Forum said, “Having access to necessary financial resources is central to securing a healthy and resilient retirement.”

Blake added, “As lifespans have gotten longer around the world, financial opportunities for individuals to grow and preserve wealth have not kept pace. Financial institutions must work with governments and civil society to ensure adequate savings, investment and other wealth-building opportunities which are available to all individuals to support the changing demographic reality.”

Many partners in the initiative, including Mercer, Manulife, Zurich, BlackRock and the European Commission, have committed to taking concrete actions in alignment with these principles. 

These actions are meant for a wide range of industries, including innovation in investment vehicle design, broadening access to financial education, developing more age-inclusive employee value propositions, developing a demography toolbox and using the principles as a framework to inform service delivery and advocacy.