IFC Launches Silver Economy Program to Expand Financial Access for Aging Mexicans

The Silver Economy Program isn’t just a local initiative — it's part of a broader strategy to adapt to the rising longevity in Latin America and the Caribbean.

In a strategic move to address the growing financial needs of Mexico’s aging population, the International Finance Corporation (IFC), a member of the World Bank Group, officially launched the Silver Economy Program in Mexico. Backed by the Government of Spain, this initiative aims to foster financial inclusion, develop tailored financial services, and strengthen trust among people aged 50 and above — particularly women — by equipping financial institutions with the tools and support necessary to innovate within this demographic segment.

A Timely Response to Demographic Shifts

Mexico is undergoing a rapid demographic transformation. As of 2024, more than 30.43 million people in Mexico are aged 50 and above, a number that is projected to surge to 53 million by 2050. This demographic shift presents a significant opportunity — and challenge — for the country’s financial sector.

Despite their growing numbers, older adults remain underrepresented in the formal financial system. According to data from Mexico’s National Institute of Statistics and Geography (INEGI), only 38% of Mexicans aged 60 to 70 currently have access to any form of credit, and a mere 2% receive personal loans. This lack of access to financial services poses a barrier not just to individual well-being but also to economic growth.

Juan Gonzalo Flores, IFC’s Country Manager in Mexico, emphasized the urgency of addressing this gap:

“As people age, their financial needs and behaviors change significantly. It is imperative that financial institutions recognize and respond to these shifts, offering products that empower aging populations to live financially secure, independent lives.”

Life Expectancy and Longevity: A Regional Trend

The Silver Economy Program isn’t just a local initiative — it's part of a broader strategy to adapt to the rising longevity in Latin America and the Caribbean. According to the Economic Commission for Latin America and the Caribbean (ECLAC), life expectancy in the region has increased from 48.6 years in 1950 to 75.1 years in 2019, and it is expected to reach 77.2 years by 2030. As more people live longer, their needs — financial and otherwise — evolve and diversify.

This demographic evolution is shifting the economic landscape and urging financial service providers to broaden their offerings to meet these evolving needs, from pensions and savings plans to health-related insurance, estate planning, and senior-friendly investment products.

A Gender-Focused Approach

One of the unique features of the Silver Economy Program is its strong emphasis on gender inclusion. In Mexico, older women often face additional financial vulnerabilities, including lower access to formal employment histories, reduced pension coverage, and greater caregiving responsibilities.

By prioritizing financial solutions that target women aged 50 and above, the IFC hopes to close this gender gap and enhance the overall resilience of households led by or dependent on older women.

Opportunities for Financial Institutions

The Silver Economy Program is not only a response to social needs but also a strategic business opportunity for financial institutions. Banks and financial service providers are being encouraged to:

• Design credit products tailored to older clients with non-traditional income sources.

• Offer savings and pension products that accommodate longer life spans.

• Develop insurance solutions addressing the health and financial risks of aging.

• Promote digital financial education to bridge the generational technology gap.

• Train banking staff to understand and respond to the unique needs of older customers.

Trust in financial institutions tends to decline with age, according to various studies. This erosion of trust presents both a challenge and an opportunity. By aligning their products with the priorities of the silver segment, banks can rebuild confidence and promote greater financial inclusion, particularly in rural and semi-urban areas where aging populations are growing rapidly.

A Call for Innovation and Inclusion

The IFC is actively partnering with Mexican banks, microfinance institutions, fintech startups, and insurance companies to pilot new financial products and services under the Silver Economy framework. These pilots will serve as test cases for scalable models that can be expanded regionally.

In addition to advisory services, the IFC may also provide direct financing or risk-sharing instruments to incentivize innovation in this underexplored market.

The Silver Economy Program is ultimately a call to action: for financial institutions to reimagine their engagement with older populations, for governments to support inclusive policy environments, and for the private sector to recognize the enormous value and potential of the aging demographic.

As Mexico and Latin America prepare for a future where seniors represent a significant share of society, programs like this are essential to building a financially inclusive and equitable future for all generations.