INNOVATIVE SOLUTIONS TO PROMOTE VOLUNTARY SAVINGS
Most workers in Latin America and the Caribbean (130 million people) are not saving for retirement, which will make it difficult for them to have a good life when they reach old age. The main causes of under saving for retirement are problems in the way labor markets function, pension systems design, and psychological barriers inherent to human nature. In a region with a population that is increasingly aging, pension savings are an important challenge for the future.
In 2017, the IDB launched the Retirement Savings Laboratory to seek innovative ways to increase the number of people saving for retirement in Latin America and the Caribbean. Based on behavioral economics, the use of new technologies and digital solutions, these interventions generate reliable evidence through rigorous impact evaluations.