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Financial literacy — the way forward
Sunday, June 06, 2021
BY GRACE G MCLEAN
COVID-19 has presented challenges and opportunities for seniors. The elderly are more susceptible to illness and complications which can negatively impact their financial resources and compromise their living standards. Now, more than ever before, financial literacy is necessary to navigate our seniors through this period of crisis by helping them to make informed decisions.
An ageing population
Based on a 2012 study, entitled
Ageing in Jamaica Today and the Implications, the Jamaican population is ageing rapidly. This also reflects a worldwide trend. Professor Eldemire Shearer (Director – Mona Ageing & Wellness Centre) noted that in Jamaica it is projected that the elderly (people 60 years and older) will represent 25 per cent of the population by 2050. Research shows that with an ageing population more people in their 50s and 60s will have the dual responsibility of providing for their children in college as well as the welfare of their elderly relatives. The average life expectancy is upwards of 75 years. COVID-19 has compounded the grim outlook as one out of 10 individuals does not save for retirement and many who do save have not saved enough for the twilight years.