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Lawrence Fink pointed out in a seminar that people are not ready for retirement.
A great silent crisis. This is how the president and CEO of BlackRock, Lawrence Fink, qualified, what is expected for pensions in the world.
According to the boss of the investment firm, the lowering of interest rates that the different central banks have implemented in the world they will create a problem in the future in retirement.
“For pension funds, the problem of low interest rates, and that is why I cite it as the great silent crisis, is that if rates stay low for longer, that requires recalculating the cost of our expenses and the expenses that we will have in the future with pensions, for example, “Fink said at a seminar organized by Santander, in which the president of the Spanish bank, Ana Patricia Botín, also participated.
“Rates, when they are lower, take us to a level where the cost of future obligations increases and pension funds around the world are making it clear that there is a need to invest more in long-term assets , stocks or some type of long-term asset and this is one of the reasons why we know that the equity market has had such good results, because knowing that we have lower interest rates for longer leads people to buy longer-term assets, “he added.
In that sense Fink He noted that people are not ready for retirement.
“There is a problem that people are not prepared for their retirement, they do not have money and that will be a huge problem for the future. I call it the silent crisis,” he said.
Very solid Chile
At the event, Fink was consulted by Argentina, a country in which BlackRock is one of the largest creditors and which a few months ago reached an agreement for a debt restructuring. In this sense, the executive was clear when saying that “vto take time to see investment private in Argentina “.
With the above, he took the opportunity to point out that in the region there are “safer places to invest”, highlighting among them Chile, which he described as “very solid”.
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