The increase in global life expectancy will put a strain on the world economy, with the gap between aggregate savings and the average necessary retirement income currently $70tn in the eight countries surveyed by the World Economic Forum. In China, where there is no official data available, it was estimated that the median net worth of households fell from about £150,000 to just over £20,000 (£15,000) last year. The WEF has recommended that there be a revolution in “financial fitness”, transforming personal finance into a more manageable task and with access to smart tools and advisory options provided to ensure that the gap does not cause hardship.
The increase in global life expectancy will put a strain on the world economy, with the gap between aggregate savings and the average necessary retirement income currently $70tn in the eight countries surveyed by the World Economic Forum. By living to 100, the global populace will experience a shortfall of about $400tn by 2050, and will experience financial difficulties in that time. The WEF has recommended that there be a revolution in “financial fitness”, transforming personal finance into a more manageable task and with access to smart tools and advisory options provided to ensure that the gap does not cause hardship.