“…The low pension active coverage rate (ACR) in Latin America is worrisome due to the rapid rise in old‐age dependency (Bertranou & Rofman, 2002; Corbo, 2004; De la Torre & Rudolph, 2018; Ham‐Chande & Nava‐Bolaños, 2019; Jackson & Nakashima, 2015). The average regional ACR is 44.7%, ranging from 20% to 30% in Bolivia, Peru, Paraguay, Guatemala, Honduras, and Nicaragua, to more than 70% in Brazil, Chile, Uruguay, and Costa Rica (Bosch, Melguizo, & Pagés, 2013; OECD, IADB, & World Bank, 2014).…”