IFC launches initiative to support underserved in L. America, Caribbean

The International Finance Corporation (IFC) has launched the Silver Economy Initiative to develop financial products and services tailored to the 50+ population in Latin America and the Caribbean.

Announced at the Latin America Congress of Sustainable & Inclusive Banking, this initiative seeks to help financial institutions better serve this fast-growing demographic, which accounts for nearly 40 per cent of consumer spending in the region.

Liliana Pozzo, Manager of Sustainable Finance Advisory at IFC, emphasised the significant economic opportunity, stating, “This rapid demographic shift in the region presents both significant challenges and opportunities.” The initiative will offer advisory services to financial institutions, guiding them to create inclusive financial products that cater to the unique needs of older adults.

The region’s ageing population is growing, with life expectancy projected to reach 77.2 years by 2030, and 25.1 per cent of the population expected to be over 60 by 2050. The initiative also addresses the unique financial challenges faced by women, who often have less access to financial resources due to lower earnings and higher representation in the informal sector. By focusing on these gender-specific needs and improving market-specific data, the Silver Economy Initiative aims to unlock the economic potential of this demographic and promote financial inclusion in the region.

Attribution: IFC

Subediting: M. S. Salama