"Ageing is therefore one of modern society's greatest triumphs," said Holzmann.

At the same time, the preference for smaller families, typical in advanced societies, has contributed to a rapid increase in the relative size of the elderly population in the ECA region where birth rates have fallen sharply, especially in the past decade.

These evolving patterns pose a considerable financial and social challenge for the region. Financially, countries will need to provide greater healthcare  for their elderly citizens, as well as make sure that their living expenses are amply covered by effective pension schemes that will take care of their living expenses. In paying for these expanded services, policymakers are aware that a growing elderly population means fewer younger workers in society able to support expanding demands on public finances.

"In Eastern European countries, there are currently between four and five people of working age compared to those over age 65. By 2020, this ratio will have changed to one elderly person for every three of working age, in countries such as the Czech Republic, Croatia, and Bulgaria," said Holzmann. 

The economic transition in this region has been particularly hard for the elderly, and economic and social support for them has deteriorated sharply in the last decade.

Another area of serious concern is that population ageing is producing a shift towards more female societies. Women universally have an edge over men in survival rates, but in ECA countries the gender difference  is quite marked.

While women generally live longer than men, for many of them greater life expectancy carries no real advantage in terms of additional years lived free of disability. The status of women's health in old age is shaped throughout their lives by factors over which they have little control. If longer lives for women are to be quality years, policies must ensure  the best possible health for women as they get older.

"As a group, therefore, older women suffer more hardship. In Albania, women over  the age of 65 are excluded from pension benefits. In Poland, women 70 years and older and living alone have a poverty rate more than twice as high as those living in households headed by men of the same age. In Russia, pensioner women are more likely to be living alone but also have a poverty rate that is 30% higher than for males," said Holzmann.

Working in partnership with countries, the Bank is lending for pension and health reform, providing technical assistance and analytical and advisory help,  generating and disseminating knowledge and strengthening partnerships and ensuring that ageing is part of the broad development agenda.

The conference on pensions, organized by the World Bank and the International Bankers Forum, will be held on February 11-13 in Munich, Germany.