WEF calls for rethink of job, pension systems for longer lives

The World Economic Forum calls for a major rethink of employment, pension, and healthcare systems to support ageing populations. Its report warns that current structures are failing, leading to financial insecurity and caregiving pressures.

The World Economic Forum (WEF) has called for a rethink of employment, pension and healthcare systems to prepare for longer lives, warning that existing structures are failing to address financial insecurity, caregiving pressures and changing work patterns as populations age.

In its latest report, the WEF said the number of people aged 60 and above worldwide is projected to exceed 2.1 billion by 2050, more than double the 2020 figure. It stressed that longevity must be treated as an economic and social issue affecting people across generations, rather than only as a retirement challenge. “The world is entering a period in which longer lives are becoming a shared reality but not yet a shared opportunity,” the report said.

Key Challenges Highlighted

The paper draws on survey insights from more than 67 Global Shapers hubs across 57 countries, regional focus groups and an assessment of 237 community projects. Financial insecurity emerged as the most consistently reported challenge across regions, followed by social isolation and difficulties accessing healthcare and support services.

The report said systems built around stable formal employment, predictable retirement and family-based caregiving were increasingly out of step with changing demographic and economic conditions. Informal and gig workers, women, caregivers, rural communities and young people facing uncertain career paths were among those often left without adequate support.

It also highlighted the need to prepare for longer working lives through continuous learning and reskilling, while ensuring that caregiving responsibilities do not undermine long-term financial security.

The report called for greater attention to preventive healthcare, digital inclusion and stronger social connections.

“Longevity is not primarily a retirement challenge,” the report said, describing it instead as an issue involving workforce resilience, caregiving, financial education, social connection and the ability to navigate existing systems.

Economic Opportunities in the Longevity Market

The WEF also pointed to the economic opportunity associated with ageing populations. People aged over 50 already account for around half of global consumer spending, a share projected to reach 60 per cent by 2050, according to the report.

A Framework for Lasting Solutions

The paper urged communities to develop initiatives that build lasting capacity rather than provide only short-term relief.

It proposed a five-stage model to help communities turn longevity-related challenges into lasting solutions. It begins with identifying local needs and testing small-scale pilot programmes, followed by developing long-term projects that build resilience. Successful initiatives can then be adapted by other communities and organisations, before their impact is presented to policymakers and the private sector to encourage wider adoption and systemic change.

The report said such initiatives should consider their impact over at least a 10-year horizon and help build systems that support financial resilience, healthy ageing and participation across generations.

(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)