The Group of 20 major economies is likely to present a proposal concerning financial issues of aging societies at the meeting of G20 finance ministers and central bank governors set for Fukuoka on June 8 and 9, The Yomiuri Shimbun has learned.
Given the aging populations are expected to advance in rising nations as well, the G20 nations will likely stress the need to prepare for life after retirement by building up assets as well as attempting to protect the elderly from crimes of fraud targeting the aged, among others.
The Global Partnership for Financial Inclusion (GPFI), a G20 subcommittee, is to adopt the proposal at a meeting on June 6, and will submit it at the G20 meeting.
It will be the first time that G20 nations will present a proposal on the aging society.
The proposal will focus on eight issues, including working from a younger age to build up assets, providing financial education on asset management risks, and putting importance on providing various financial products to meet the needs of the elderly.
The proposal also calls for efforts to protect the elderly from cons, such as a bank transfer scams, that are on the rise nationwide.
The 60-and-up population is expected to surge worldwide, particularly in rising and developing nations, with the number likely to top 2 billion by 2050 -- accounting for 20 percent of the global population.
Because aging populations are likely to progress, the meeting will discuss global issues such as how to secure living expenses for people whose cognitive and physical abilities have deteriorated. The meeting will also examine the issue of financial services easy for the elderly to use.
In Japan, those 65 or older already account for nearly 30 percent of the population. The government intends to take a leading role in international discussions at the G20 meeting as Japan is faced with the urgent task coping with this issue.
According to an estimate, when members of the current workforce retire, the total deficit of savings after their retirement in eight countries, including Japan, the United States and China, is expected to reach about 400 trillion dollars because of longer-living populations.
Read more from The Japan News at https://japannews.yomiuri.co.jp/
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