age, and intends retiring a decade from now. by retirement, they will probably face a world in which they can expect to live five or six years longer than they would have anticipated ( had they thought about it ) when they started work in the mid to late 1970s. which means, if they were planning to provide for their own retirement needs out of accumulated savings, based on assumptions made earlier in their lives, they quite possibly will find that they won't have enough. the fact that most of us didn't think about this when we started work, of course, won't help matters. this is a complex area, and i am conscious that all of you in this room have far greater technical expertise than i in the actuarial intricacies of retirement income sufficiency. but if we imagine an individual with an expected forty - year working life, and a plan to accumulate enough assets to provide a reasonable fraction of pre - retirement income after they retire, with plausible assumed saving rates and asset returns, we can ask what effect a rise in life expectancy of, say, five years would have on the calculations for asset sufficiency. roughly speaking, there would need to be a rise in the saving rate of several percentage points of income through their whole working life. alternatively, asset returns would need to be perhaps 50 to 75 basis points higher, risk adjusted, through their whole working life. a third possibility is that our representative person could simply accept a lower retirement income. finally, he or she could decide to retire later than originally planned, so accumulating more assets and shortening the draw - down period. some combination of these possibilities could also be adopted, of course. these sums are arrived at in a hypothetical, modelled situation for the representative individual. but in practice, for many people, by the time they realise that they will have a problem of insufficient assets, it is quite likely to be late in their asset accumulation phase. so they can't save a few extra percentage 2 / 6 points of income over their whole life ; they would have to save a great deal more over a short period towards the end of their working life. nor will extra yield equivalent to half a percentage point or more every year for forty years be easy to find, at least without taking much more risk ( wherein lies a major issue ). it would be even harder to find if everyone is simultaneously attempting to save more since rates of return would be bid down. equally, most

published on our website : 1. the so - called pafi project report on the market analysis on financial inclusion, which is implemented, in many other countries, and aims at reforming the retail payment systems and promoting financial inclusion ; 2. review of the market for remittances in albania, a component of retail payment systems ; 3. the study on measuring the costs of payment instruments. this study identified the costs for each element, finding that cash is the most costly means to the albanian economy. in addition, it sets out scenarios for the replacement with various innovative instruments, which reduce these costs. the findings from the market, needs assessment and scope for intervention were materialised 1 / 2 bis central bankers'speeches in a national strategy on the modernisation of retail payment 2018 – 2023 ) the strategy aims for improvements in the retail payment market to provide albanian citizens with more options to choose from for their daily transactions, more easily and more cost - effective, by supporting the objective for a broader - based financial inclusion. the strategy lays down concrete and measurable objectives, such as the doubling of the population having a bank account ( from 38 % in 2018 to 70 % in 2022 ), the increase in the number of electronic payments per capita, from 4. 3 % in 2016, to 10 in 2022 ( increase by 130 % ). the strategy aims also legal and regulatory improvements, which lay the foundations for innovative initiatives, and a level playing field. in this regard, the bank of albania finalised the drafting of the law “ on payment services in the republic of albania ”. the approval and implementation of this law will provide a crucial contribution to establishing services at low cost and easily accessible by the public, and promoting competition and innovation also based on a prudential consumer protection regime. this will be the theme of the first session of the conference. also, the strategy aims at infrastructural improvements. in this regard, a set of measures are envisaged to promote interaction among various actors from the infrastructural point of view, aiming at reducing costs, in particular, for end users. the establishment of a national platform for processing card payments - would to provide a direct impact on reducing high costs and improving the current card processing practices, due to the extended cycles and involvement of more actors in the process. such a platform would also support innovative services, such as mobile payments and e - wallet. the bank of albania is analysing the possibility