Aging population : CEA Nageswaran urges long-term savings for India’s elderly; warns of demographic shift
Speaking at the ‘NPS Diwas Conference on Inclusive Pensions, Innovative Solutions: Strengthening Retirement Security in India,’ he said as quoted ANI, “We have enormous responsibility towards the population at large and also to remind the importance of savings.” Global data shows that by 2050, the population aged 60 years and older is expected to double to 2.1 billion, while those aged 80 years or above are projected to triple to 426 million, according to WHO.
India’s senior citizen population is forecast to rise from 10.4 crore in 2011 to nearly 32 crore by 2050. Nageswaran said this demographic shift makes promoting a culture of savings essential.
“Changing lifestyles and consumption patterns have reduced people’s inclination to save, making a mindset shift towards long-term financial planning critical,” he noted. The CEA added that government efforts to boost savings indirectly—through measures to spur economic growth, employment, and rising incomes—have enhanced household capacity to save.
Tax cuts and inflation containment, he said, have increased disposable income, supporting greater household savings. Highlighting initiatives such as the Atal Pension Yojana, Nageswaran said these schemes not only help individuals build financial resilience but also ease the future burden on families and the state. Calling for collective responsibility, he said, “Celebrating Pensions Day is not just a ritual but a reminder that today’s savings are tomorrow’s security.”
