Global Aging Crisis Undermines Retirement Security, Financial Literacy

In 2025, financial insecurity among aging populations is a growing global concern, exacerbated by widespread financial illiteracy among older adults, which threatens pension sustainability and macroeconomic stability. In the U.S., financial exploitation of the elderly has surged, highlighting systemic risks and the need for better asset management and protection. Canada is introducing new pension initiatives, including a $3,555 Widow Pension to support surviving spouses and a combined pension system that can provide seniors up to $2,500 monthly through the Canada Pension Plan, Old Age Security, and the Guaranteed Income Supplement, contingent on eligibility and contribution history. In Nigeria, only 4% of older persons have access to formal pension coverage, prompting calls for stronger adoption of the National Senior Citizens Act to improve welfare and income security for the elderly. Meanwhile, in Jamaica, political leaders are advocating for pensions for persons with disabilities who have reached retirement age but never worked, alongside measures to improve accessibility and update disability legislation. These developments underscore a global push to enhance retirement security and support for vulnerable elderly populations amid demographic shifts and financial challenges.