President of the Barbados Association of Retired Persons (BARP) Marilyn Rice-Bowen says the COVID 19 pandemic was an eye opener as it showed many Barbadians are unprepared for aging.
Addressing the opening of the BARP Toward 2050 conference under the theme, Securing my Future: Protecting my Legacy, being held at the Hilton Barbados, she pointed to finance and health planning as contributing factors.
“A 2021 Central Bank study indicated that 66 per cent of the people surveyed did not know how much they needed to save towards their retirement. This is concerning because a person’s quality of life during retirement is tied directly to the amount of money they have been able to accumulate for their golden years,” Rice-Bowen told participants.
“Those monies must withstand financial shocks including inflation and rising cost of living and this calls for wise decisions. BARP believes this is a prime time for local financial institutions to create products that can mature in 2050, specifically for you 40–59-year-olds. They’ve done it before and we’re asking them as a priority to do it again.”
She further noted there was also a fear of technology, among some of the association’s members. However, BARP has been taking steps to help carve a space out for them to navigate the various associated challenges, she said.
“While this may not be a challenge for tomorrow’s seniors who are au fait and comfortable with technology, we still do not want you to get older and stuck in your ways. Speaking from experience, adapting is the key to a comfortable, and independent life of dignity and this can look like keeping abreast of trends, retraining and retooling.
“Your health is also a key part of your quality of life, and while Barbadians are living longer, they are not necessarily living healthier lives. Ill health, medication, and care can wipe out retirement savings,” the BARP president stated.
