A DUAL APPROACH
The Retirement Savings Laboratory uses a dual approach to increase pension savings in Latin America and the Caribbean:
- Independent and low-income workers. As the most disconnected group from pension systems (only 1 in 10 low-income workers is currently saving), most low-income workers will reach retirement age without having secured enough resources for retirement. MetLife Foundation and BID LAB are funding the Retirement Savings Laboratory interventions targeting this group.
- Middle-income workers who are not saving enough for retirement. Only 33% of workers in this group are saving for retirement (and, in most cases, they are not saving regularly). With funding from the IDB Network for Pensions in Latin America and the Caribbean (Red PLAC), the Retirement Savings Laboratory aims to increase the savings amount and consistency of these workers.