New Delhi, Oct. 1 -- Emphasising the significance of financial security for senior citizens, Chief Economic Advisor V Anantha Nageswaran has stressed that long-term savings will be essential to maintain living standards as the country's elderly population grows in the coming decades.

"We have enormous responsibility towards the population at large and also to remind the importance of savings," he said, speaking at the 'NPS Diwas Conference on 'Inclusive Pensions, Innovative Solutions: Strengthening Retirement Security In India.'

By 2050, the world's population of people aged 60 years and older is expected to double (2.1 billion), according to WHO. The number of persons aged 80 years or older is expected to triple between 2020 and 2050 t...