Inclusion: An Opportunity
A joint publication of HelpAge International
and the Center for Financial Inclusion at Accion
February 2015
Table of Contents
Foreword 2
5. Priority Actions 25
Spotlight on Colombia 27
Profile of Aging in Colombia 27
Income Strategies in Older Age in Colombia 27
Interaction with Financial Services 30
FIGURE 16. Percent of Old-Age Expenses Among People Under Age 60, Photo credit:
by Employment, Colombia (2013) 32 Front cover John Rae for Accion
Incomes for older people are unpredictable services in older age and throughout the
and varied, and a variety of financial services aging process, a relatively neglected area of
could support the strategies older people study. The report draws on literature from
employ to make ends meet. Financial services across the globe, but largely focuses on middle
providers, however, are cautious about their income countries, in particular Latin America,
engagement with older people because of and includes a spotlight on Colombia. The
concerns about financial capability, income report incorporates information gathered
instability, and physiological issues. At the from two direct sources: first, an online poll
same time, social pensions, while quickly of experts from the financial services sector
growing in reach, are currently inadequate to and second, focus group research with older
meet the needs of older people. These realities people in Colombia. The Colombia spotlight
are challenging, but they also signal market illustrates many of the points made in the
opportunities that the financial sector has main body of the report. It also provides a
the potential to address. Effective solutions consumer perspective, especially from lower
will be found in cooperation between the income people, on the extent to which older
public and private sector, in creative design people in Colombia currently interact with
of financial services, in early interventions to formal financial services and know about the
encourage participation in long-term saving services on offer. While the Colombia case
and contributory pensions, and in a continued study contributes important insights to this
commitment to knowledge-sharing between debate, it is important to remember that every
the financial services sector, older persons’ context is different.
associations, and support organizations. This report charges policymakers and
This report presents the findings of the joint providers to consider older people as an
project on aging and financial inclusion from increasingly important market segment
the Center for Financial Inclusion at Accion whose needs are differentiated from those of
(CFI) and HelpAge International with support younger adults. It suggests that, in keeping
from the MetLife Foundation. The project was with advocacy that HelpAge has carried out for
prompted by the demographic review carried many years, social pensions can and should
out as part of CFI’s Financial Inclusion 2020 provide an essential floor for income during
project, which drew attention to the rapidly later life. Yet it recognizes that nearly all older
aging global population and to the immediate people will need to put in place varied income
challenges aging poses, particularly in middle strategies for themselves beyond pensions,
income countries. CFI joined forces with and for that private financial services are an
HelpAge because of HelpAge’s deep knowledge essential part of the solution.
about global aging issues. We intend for this
project to be useful for those who work on the Sonja E. Kelly, Elisabeth Rhyne
issue of aging, for financial services providers, Center for Financial Inclusion at Accion
for policymakers and other government
stakeholders, and for support organizations. Alice Livingstone, Eppu Mikkonen-Jeanneret,
The purpose of this report is to highlight the Pilar Contreras, Rosario Baptista
barriers and opportunities related to financial HelpAge International
businesses will need to adapt. In the words of Males in millions Females in millions
Albert Einstein, “We cannot solve our problems
with the same thinking we used when we Source United Nations, World Population Prospects 2012 (New York: United Nations, 2012).
created them.”
FIGURE 2
30
25
20
15
10
0
AFRICA ASIA EUROPE LATIN US/ AUSTRALIA/ WORLD MORE LESS LEAST
AMERICA/ CANADA OCEANIA DEVELOPED DEVELOPED DEVELOPED
CARIBBEAN
Source United Nations, World Population Prospects 2012 (New York: United Nations, 2012).
Percent of Older People above Statutory Retirement Age Receiving a Pension (Latest Available Year)
< 20%
21–50%
51–90%
Source International Labor Organization, Share of population above the statutory pensionable age receiving an old-age pension (Geneva: International Labor
Organization, 2014).
they do not pay into their countries’ social workers. Others have not been reformed,
insurance funds.22 Past episodes of persistent leaving a large group in the middle who are
high inflation and hyperinflation, particularly not poor enough to qualify for social assistance
in Latin America, have also contributed to nor wealthy enough (or suitably employed) to
a culture that does not view pensions as an contribute to a formal pension scheme.
important old age strategy. For those who receive them, social pensions
play an important role in providing a basic
Social Pensions and predictable income in older age. They may
To provide some income for those without make the difference between absolute penury
years of formal employment, governments and basic survival. HelpAge has long been
began to implement non-contributory, or ‘social an advocate for countries extending social
pensions.’ These schemes were originally pensions to more of their populations, and
designed as welfare, using general government we continue that clarion call in this report.
revenues, for what was assumed to be a small The extension of social pensions as part of a
minority unlikely to join contributory pension ‘social protection floor’ has gained significant
schemes. They typically targeted the very poor. recognition from the G20, EU, IMF, World
However, in recognition of the persistence of Bank, and OECD, as well as in the Post-2015
the informal economy, poverty, and growing Development Agenda.23 A social protection
inequality, some social pension schemes floor describes a system that guarantees
have been expanded to cover more informal income security and access to basic services
Percent of the Labor Force Ages 15–64 Actively Contributing to a Pension Scheme (Latest Available Year)
60
50
40
30
20
10
0
ARGENTINA BOLIVIA BRAZIL CHILE COLOMBIA COSTA RICA ECUADOR MEXICO
Source International Labor Organization, Social Pensions Database (Geneva: International Labor Organization, 2014).
Paraguay
Kenya
Cape Verde
Indonesia
Georgia
Nauru
Guatemala
Swaziland
Slovenia Papua New Guinea
Moldova Panama
Bolivia Vietnam
Botswana Lesotho Fiji
India Colombia Venezuela
Nepal Ecuador Philippines
Cyprus Mexico Peru
Spain Germany Nigeria
Trinidad and Tobago Argentina Kiribati Maldives
Sweden Finland Netherlands Costa Rica Thailand Belize El Salvador
South Africa Malta Chile Brunei Bangladesh Timor-Leste
New Zealand Uruguay Norway Mauritius Suriname Malaysia Antigua and Barbuda South Korea
Denmark Ireland Canada Barbados Namibia Brazil Italy Turkey Greece Mozambique Kosovo China
Iceland UK USA Guyana France Cook Islands Seychelles Samoa Jamaica St Vincent and the Grenadines
18901900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 2010 2020
FIGURE 6
Social Pension Benefit as a Percent of GDP per Capita (Latest Available Year)
30
25
20
15
UNITED KINGDOM
10
NEW ZEALAND
SOUTH AFRICA
UNITED STATES
BANGLADESH
PHILIPPINES
INDONESIA
THAILAND
NORWAY
VIETNAM
5
NIGERIA
MEXICO
BRAZIL
CHINA
INDIA
Employment and Self-Employment products, and information. But it also calls for
In low and middle income countries the governments to play a strong role in reducing
majority of older people continue to work. For age discrimination in the labor market, tackling
example, national level data illustrate that in negative attitudes around work in older age and
Thailand a substantial proportion of people providing opportunities for older people to reskill
throughout their 60s and early 70s remain in and train. Much of the focus of employment
the workforce (see Figure 8). A lack of data on policy is on building the financial capability
formal and especially informal employment and human capital of younger people, yet older
in many countries is likely to contribute to the people also have the right to decent jobs and
perception that older people do not work. financial services to enable them to continue
Work in later life requires access to working as long as they can and want to, and
appropriate and supportive financial services, it is sensible public policy to support them.
FIGURE 8
Percent of Older People Who Worked in the Previous Week, Thailand (2011)
90 Men
80 Women
70
60
50
40
30
20
10
0
50–54 55–59 60–64 65–69 70–74 75–79 80+
Age
Source John E. Knodel, Vipan Prachuabmoh, and Napaporn Chayovan, “The Changing Well-being of Thai Elderly: An Update from
the 2011 Survey of Older Persons in Thailand.” PSC Research Report No. 13–793 (2013).
Gap in Years Between Institution-Reported Age Cap and Life Expectancy (2014)
Number of years
25
20
15
10
MADAGASCAR
EL SALVADOR
AZERBAIJAN
5
COLOMBIA
MOLDOVA
ECUADOR
NIGERIA
MEXICO
MEXICO
GHANA
EGYPT
TOGO
INDIA
CHILE
0
Source Center for Financial Inclusion, “Online Survey of Aging and Financial Inclusion” (Washington, DC: Center for Financial Inclusion, 2014), United Nations,
World Population Ageing 2013 (New York: United Nations, 2013). Age cap data are based on self-reported responses from financial institutions in each market. Where there were
multiple age caps reported, an average was taken.
FIGURE 11
90
80
70
60
50
40
30
20
10
0
MIDDLE EAST & SUB-SAHARAN SOUTH ASIA LATIN AMERICA EUROPE & EAST ASIA & HIGH INCOME
NORTH AFRICA AFRICA & CARIBBEAN CENTRAL ASIA PACIFIC ECONOMIES
Source Asli Demirguc-Kunt and Leora Klapper, “Measuring Financial Inclusion: The Global Findex Database,” Policy Research Working Paper 6025
(Washington, DC: World Bank, 2012).
Use of financial services can become more available to them, but can also make them
difficult with physiological changes including more susceptible to fraud and abuse. For
gradual hearing loss, changes in vision, and example, in South Africa, there have been
slower reaction times. However it is important cases were recipients of the Old Age Grant
to remember that chronological age is not a were fraudulently signed up to funeral schemes
good indicator of a person’s health and that or micro-loans; in other cases mobile money
these changes can be experienced at different agents pressured older people to purchase
stages and with different levels of severity. goods from their shops before agreeing to help
Such changes can affect access to financial them access mobile money accounts.68 Such
services, particularly if older people are not actions are made possible when recipients
seen as ‘desirable’ customers, and products lack awareness about products and processes.
are not specifically targeted through the Consumer protection and appropriate
most appropriate channels. For example, channels for making complaints about
misunderstanding the communication needs financial services providers are particularly
of people with hearing or vision impairments important. Developing appropriate
can perpetuate stereotypes around older age. channels for complaints and support means
Hearing-impaired older people may be labeled understanding the way older people are
as ‘confused’ because they didn’t hear fully and most comfortable to communicate.
then be seen to respond ‘inappropriately.’67 A decline in physical mobility can be
In our survey of financial services providers, experienced in older age, particularly if an
one of the most frequently cited barriers to older person has a history of manual labor
older adults adequately accessing and using or poor nutrition. For older people who are
financial services was lack of patience by affected by mobility issues, travelling to
providers. Survey participants were asked bank branches, agents, or ATMs can pose
to describe an older person they know who a challenge. The experts who attended our
lacks access to or is unable to adequately use roundtable on aging and financial inclusion
financial services. They frequently described in Colombia saw lack of financial services
providers as not having the time to work infrastructure, especially in rural areas, as
with older people. Negative attitudes a particular barrier to financial inclusion for
and myths about older people or lack of this group. This trend is often compounded by
understanding of the diverse needs of older the perception that older adults cannot easily
people may be significant barriers to financial learn to use new technology — a common
inclusion in older age. myth which arose during our online poll with
Poor communication about products and financial services professionals.
services not only leads to older people lacking While older people may be among those least
knowledge of what financial services are likely to own a mobile phone,69 research shows
that they still use mobile money services. They account, or an individual may not trust in
may borrow or pay to use a phone, or they may services and institutions because of previous
get help. In Tanzania for example, older people bad experiences. Or indeed older people
reported that they saw the benefits of mobile may assume that they will be refused a
money and were eager to use it themselves, financial product because of their age, so
but had not had the opportunity to learn.70 do not even approach a financial services
Investment in teaching older people to use institution. Exclusion is highly context-specific,
mobile financial services could lower product underscoring the need for flexible policies that
cost for providers over the long-term and open respond to the reality on the ground.
up the market. Despite the value of technology-
enhanced financial services for older people, Prioritizing Financial Capability
such services are rarely marketed with their Efforts to prioritize financial inclusion must
specific needs in mind. A growing number include products appropriately tooled to older
of mobile phone adaptations cater to specific people. Financial capability interventions can
physiological needs that can accompany be built into product design, giving people
older age, such as amplified sound, high- the option to, for example, go digital with
contrast displays, and large text sizes.71 The existing products and facilitate learning on
proliferation of smartphones will make such alternative platforms. Financial education
accommodations easier. can involve governments using existing
Proof of identity can be a significant barrier avenues of information such as local
to accessing financial services at any age, branches of older persons’ associations or
and can particularly affect older age cohorts. older persons’ networks, which commonly
Many of today’s older people were born before work at a community level in a familiar style
the development of comprehensive civil and language. Local radio and community
registration systems. In Thailand for example, information sessions are important oral
older people have faced regional and ethnic channels for disseminating information for
disadvantages in accessing government non-literate groups and reaching people with
services due to lack of identification visual impairments. Alternative formats
documents.72 Financial institutions could for written information about products and
accept alternative forms of identity such as financial institutions include large print,
baptism, vaccination, public works, or voter pictures, symbols, and plain language.74
registration cards73 and leverage flexible ‘know At the same time, products designed for the
your customer’ laws where possible. older market segment may need to be adjusted
Finally, self-exclusion can be a motive for to take into account acquired impairments
not using financial services. For example, and the legacy of lower education and literacy.
a family member may already have a bank The good news here is that adaptations to
accommodate these needs are likely to benefit is a subsidiary company of Net One, a
a large number of younger clients as well. company that offers microfinance products
and mobile phone services. Net One has been
Earning Trust accused of using its access to social pension
One of the top issues that emerged from our beneficiaries to market other products to
expert roundtable on aging and financial vulnerable groups, with little regard for
inclusion in Colombia was the issue of trust client protection.
as a barrier to older people accessing financial Recognizing that older people may be more
services. Long-term savings and contributory susceptible to mistakes and abuse in financial
pension systems also require a great deal of services, it is especially important to ensure
trust. For example, although in the former that consumer protection extends to older
Soviet Union lack of trust in institutions is customers. This could mean ensuring that
highly prevalent after the collapse of the complaints mechanisms are friendly and
system in the early 1990s, in China, where the easy to access. It certainly means high
banking sector has not experienced shocks, vigilance whenever benefit payouts are at
trust is not such a concern. stake to ensure that they reach their intended
Client trust must be earned, and customer beneficiaries and that those beneficiaries are
service tailored to the specific needs of older not subsequently targeted by aggressive or
adults is a start. Barclay’s, for example, trains fraudulent sales pitches.
all of its staff in being sensitive to older people, For all savings and pension instruments,
making sure to greet them at the door, asking especially in countries with high inflation
if they would rather sit than wait in long rates, adequate interest rates are an important
lines, and verbally explaining changes in their component to proving the worth of such
services.75 Providers who prioritize customer products to consumers. With high inflation,
care for older people can go a long way to currency changes, and national economic
ensuring trust.76 shocks, consumer trust in financial tools and
Consumer protection figures importantly the formal financial system can be severely
in the design of pension services, whether eroded (as in Latin America throughout the
we are talking about preserving the stability latter part of the 20th century). Maintaining
of the institutions that hold long-term savings trust and proving the usefulness of savings
or about electronic distribution of pension products requires interest rates that at least
benefit payments to new and lower-income come close to matching inflation. Deposit
customers. In South Africa, for example, the insurance and related guarantees in case of a
company responsible for electronic delivery banking crisis are important to facilitate trust
of the social pension, Cash Paymaster Services, in financial instruments.
This report has described older people as 1. Improve data on income sources and
a growing market segment with distinct financial services used by older people.
financial service needs that arise from their Data collection on incomes in old age should
multiple and varied income strategies. We include all the multiple sources older people
hope that our portrait will spur readers to actually use, and should work with definitions
action, both as a social and moral imperative standardized across countries.
and because of the opportunity aging presents.
In this section we distill the essential action- 2. Support the goal of universal pension
oriented messages for decision-makers in coverage by integrating social pensions, own
government, financial service providers, and savings, and contributions to pensions, and
social service organizations, all of whom have improve compatibility with other income
important roles to play in financial inclusion strategies.
for people as they age.
••Prioritize the extension of social pensions to
close the coverage gap as quickly as possible.
••
••Offer emergency loans against pensions.
Invest in financial awareness so that older
people understand the options that exist
for them to benefit from financial services.
4. Deepen existing financial products used
by older people and design new ones. ••Financial education efforts should address
This section presents findings from a food and shelter, are often met through general
country case study on financial inclusion household resources, older age is associated
and aging. The Colombia case study is used with a lack of independent income. For older
for illustrative purposes to provide a more people living in rural Colombia the situation is
detailed consumer perspective on income more pronounced as the incidence of poverty is
strategies and financial services in older age, approximately 15 percent higher than for older
in recognition of the lack of systematic data on people living in urban Colombia.
this subject. The Colombia case study draws
on existing secondary literature as well as Income Strategies in
original demand-side research using focus Older Age in Colombia
group discussions and participatory research As is commonly found in other middle income
approaches with older people from a diversity countries, Colombians rely on a variety of
of ages and income levels. Research locations strategies to secure an income in older age. A
were selected to provide perspectives from
a variety of contexts — including urban and
rural, Afrocolombian, and indigenous, and
those directly affected by the conflict or with FIGURE 12
high levels of internal displacement, as well
as locations unaffected by the conflict. This Percent of Population Ages 60 Years and Older,
includes locations in Valle del Cauca, Cauca, Colombia (2013–2040)
Distrito Capital, and Cundinamarca.
Percent
25
Profile of Aging in Colombia
According to UNDESA, 9 percent of the
population in Colombia was 60 years or older
20
in 2013. This proportion is projected to increase
to 12 percent by 2020 and to 20 percent by 2040
(see Figure 12). These figures mirror aging
15
trends in other middle income countries.
Colombia’s population of 5 million internally
displaced persons particularly influences the
10
financial inclusion context, given that many
displaced older people lack identity cards,
property, have lost their source of livelihood,
5
and are socially excluded in other ways.
Twenty two percent of older people live
in households classified as poor, but the
0
proportion of individual older people who 2015 2020 2025 2030 2035 2040
agricultural work.
As the project team began to review the The survey sample of 350 was self-selected
existing research on older age and financial from a population of over 8,000, and while
inclusion in developing countries we found that the population included a diversity of
the library is slim. Most sources that highlight stakeholders, the sample itself was made
financial inclusion for older people are directed up primarily of providers themselves.
at high income countries, or, if addressed to The population included endorsers of the
developing countries mainly focus on pension Smart Campaign, Financial Inclusion 2020
systems. An additional body of research project stakeholders, Microfinance CEO
considers physiological issues associated Working Group members, and Microcredit
with older age. None of these sources, Summit Campaign members. The results
however, adequately answered the question were used to better understand the supply-
of the challenges and opportunities of side perspective on aging and financial
providing financial services to older people inclusion. A copy of the survey and results
at the base of the income pyramid. can be seen in Annex 2.
To pursue these questions, therefore, we
turned to a variety of sources, starting with
publicly available data from the United Nations
••
Demand-side. A team of two researchers
from HelpAge conducted participatory
on global demographic change and projected research and focus groups in Colombia to
rapid aging in middle income economies. better understand the income strategies
Country-level surveys, primarily from Latin and expenditure needs of older people.
America, provided important information The research also provided evidence on
on the income strategies that older adults the range of financial services available to
use in different contexts. Financial inclusion older people in both rural and urban areas,
data came from a variety of national and and included a diversity of ages and income
international sources, including the World levels. Participatory research techniques
Bank and national surveys, and reveal the were chosen to mitigate power relations
existing inadequacy of financial services. between the researchers and participants,
to provide a benefit to the participants
Original Research through information-sharing and awareness-
In addition to already available sources, the raising, and to provide multiple venues
project team carried out new research during and opportunities for participants to
July and August 2014. share their experiences. The groups
Online Supply-Side
Questionnaire
••••
I am a part of a… *
Financial services provider
No 19%
••••
Support organization
Investor
Foundation or aid agency
Please explain your answer.
••••
institution, multilateral institution)
Government or regulatory body
••••
age in application materials?
Yes 88%
No 12%
••••
Research or academic organization
Private company Does your organization track ages
••
Student
Other: ••••
of customers in its IT system?
Yes 63%
No 37%
The primary geography in which
••
I operate is…
North America, Western Europe,
If you answered yes to either of the above
questions, how is this information used?
••••
Australia
Sub-Saharan Africa
(That is, are people over a certain age automatically
excluded from being eligible for a product?)
••••
Central America and the Caribbean
South America In your opinion, should age be part
••••
South Asia
East Asia and the Pacific ••••
of the eligibility requirements?
Yes 71%
••••
Eastern Europe and Central Asia
Middle East and North Africa
Other:
No 29%
•••• ••••
issues concerning financial services. process for any products you offer?
Yes 92% Yes 67%
No 8% No 33%
••••
services directly to older adults.
Yes 64%
No 36%
••••
than older men in the approval process?
Yes 12%
No 88%
that older adults need?
1. Insurance 57%
2. Credit 57%
3. Savings 42%
Please describe how age is used in the 4. Pensions 22%
approval process. (For example, for which products
is age used, in what ways is age considered, etc.) Do you, personally, know an older adult
that has had inadequate access to or use
Should age be a consideration in the of financial services? Or are you an older
••••
approval process?
Yes 69%
No 31%
adult that has had inadequate access to or
use of financial services? Please describe
the issues encountered. (No need to include a
name, but please include demographic information
Please explain the reasons for your answer. like country, gender, and occupation)
••••
offering products to older adults? ••••
Common responses:
Lack of access to services (esp. credit)
Yes 26%
No 74% ••
Unfair treatment from staff
Lack of trust in financial institutions
Please explain your answer. (Include references to Are you aware of any regulations that
the specific country regulatory environment to which create barriers to older adults accessing
you refer here, and specific regulations if possible) or using financial services?
Please explain the specific market contexts
Do you offer any products or services that for such regulations.
••••
are tailored to older adults in particular?
Yes 26%
No 74% ••••
Common responses:
Age caps
Credit life insurance for older people
Please explain your answer.
Is there anything else that you would
What, in your opinion, are the top three like to add?
challenges facing older clients as customers
of financial services? How urgent is the issue of financial
1. Health/illness/mortality 45% inclusion and aging? 5.4
2. Income and work 39%
3. Financial capability/literacy 35% Not at all urgent 1 2 3 4 5 6 7 8 Very urgent
1 United Nations, World Population 15 Nicholas Barr, “Avoiding Complex 29 John Giles, “Employment,
Prospects 2012 (New York: United Nations, Contraptions,” Project M (2014). Demographic Change, and Well-Being:
2012). 16 International Labor Organization, Avoiding Poverty among the Elderly in
2 Patrick Gerland et al., “World Population Share of Population Above the Statutory Aging Populations,” World Bank Policy
Stabilization Unlikely This Century,” Pensionable Age Receiving an Old-Age Research Talks, 17 November 2014.
Science, no. 10 (2014). Pension (Geneva: ILO, 2014). 30 Larry Willmore, “Moving Towards
3 Nick Baynham, Older Persons’ Livelihoods 17 Rafael Rofman and Maria Laura Universal Pension Coverage in Mexico,”
(London: HelpAge International, 2012). Oliveri, “Pension Coverage in Latin Pension Watch no. 13 (London: HelpAge,
America: Trends and Determinants,” 2014).
4 Ibid.
Discussion Paper No. 1217 (Washington, 31 Ibid.
5 World average life expectancy at DC: World Bank, 2012).
birth is 71 years for females, and 66.52 32 Margaret Grosh et al., For Protection and
years for males. United Nations, World 18 Asociación Probienestar de la Familia Promotion: The Design and Implementation
Population Prospects 2012 (New York: Colombiana Profamilia y ICF Macro, of Effective Safety Nets (Washington, DC:
United Nations, 2012). Encuesta Nacional de Demografia y Salud– World Bank, 2008).
ENDS 2010 (Bogota: Profamilia, 2011). 33 Ibid.
6 Andrea McPherson, “Challenges and
Opportunities for Age Verification in Low 19 Joann Vanek et al., “Statistics on 34 Universidad Nacional de Colombia,
and Middle-Income Countries,” HelpAge the Informal Economy: Definitions, “BEP, un incentivo para quienes no
International Pension Watch briefing no.6 Regional Estimates and Challenges,” pueden pensionarse” (Bogota: Agencia de
(London: HelpAge International, 2011). Women in Informal Employment Globalizing Noticas, 2012).
and Organizing Working Paper No.2
7 Rosa Maria Torres, From Literacy to (Manchester: WEIGO Limited, 2014). 35 Asli Demirguc-Kunt and Leora
Lifelong Learning: Trends, Issues, and Klapper, “Measuring Financial Inclusion:
Challenges in Youth and Adult Education in 20 Ibid. The Global Findex Database,” Policy
Latin America and the Caribbean (Hamburg: 21 Mariano Bosch, Carmen Pages, Research Working Paper 6025 (Washington,
UNESCO, 2009). and Angel Melguizo, Better Pensions, DC: World Bank, 2012).
8 United Nations, World Population Ageing Better Jobs: Toward Universal Coverage 36 Jeffrey Brown and Alessandro
2013 (New York: United Nations, 2013). in Latin America and the Caribbean Previtero, “Procrastination, Present-
(Washington, DC: Inter-American Biased Preferences, and Financial
9 HelpAge International, Global AgeWatch Development Bank, 2013).
Index 2014: Insight Report (London: Behaviors” Forthcoming.
HelpAge International, 2014). 22 HelpAge International, Off the Grid: 37 Respondents were not provided with
Exploring the Expanding Informal Economy a multiple choice list of products for
10 See HelpAge International, Pension and Threats to Old-Age Social Protection
Watch Database (London: HelpAge this question. Response reflects textual
in Kyrgyzstan and Tajikistan (London: analysis of short-answer responses.
International, 2014): www.pension- HelpAge International, 2011).
watch.net; International Labor 38 Reddy, Bruhn, and Tan, Financial
Organization, Social Protection Data 23 Charles Knox-Vydmanov, Pension Capability in Colombia.
and Indicators (Geneva: International Watch Briefing No.9: Social Protection
Floors and Pension Systems: The Role of 39 Ibid.
Labor Organization, 2014): http://bit.
ly/1yOCO9A; World Bank, Pensions Data a “Citizen’s Pension” (London: HelpAge 40 Torres (2009).
(Washington, DC: World Bank, 2014): International, 2012)
41 Elders for Elders MFI, Business
http://bit.ly/1yfoQ1M. 24 R202–Social Protection Floors Plan 2009–2014 (Cuddalore: Elders for
11 Rekha Reddy, Miriam Bruhn, Recommendation, 2012 (No. 202) Elders, 2009).
and Congyan Tan, Financial Capability Recommendation concerning National
Floors of Social Protection. Adoption: 42 United Nations Population Ageing
in Colombia: Results From a National and Development Wall Chart (New York:
Survey on Financial Behaviors, Attitudes, Geneva, 101st ILC session (14 Jun 2012).
UN, 2012).
and Knowledge (Washington, DC: 25 Bosch, Pages, and Melguizo, Better
World Bank, 2013). Pensions, Better Jobs. 43 HelpAge International, “Older People
and Micro-Credit” (London: HelpAge
12 Stefano Farné and David Arturo 26 HelpAge International, Social International, 2008).
Rodríguez Guerrero, Participación de los Pensions Database (2014).
adultos mayores en la economía colombiana 44 Joel Mendizabal and Federico Escober,
27 Stephen Kidd and Emily Wylde, “Redistribution of Wealth and Old Age
(forthcoming). Targeting the Poorest: An Assessment of the Social Protection in Bolivia,” Pension
13 HelpAge International, A Study of Older Proxy Means Test Methodology (Canberra: Watch Briefing no. 12 (London: HelpAge
People’s Livelihoods in Tanzania (London: AusAID, 2011). International, 2013).
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