The conference ‘Towards 2050 Securing My Future Protecting My Legacy’, held last Saturday, was a realisation of the mandate of the Barbados Association of Retired Persons (BARP) to shift the perception of ageing in the minds of all Barbadians.
President of BARP, Marilyn Rice-Bowen, stated this as she addressed participants at the event, hosted collaboratively with the Ministry of People Empowerment and Elder Affairs, at the Hilton Barbados Resort, Needhams Point, St. Michael. She said this shift was particularly aimed at “the minds of those 40 to 59 years old, who are tomorrow’s seniors”.
Noting that presently 70 per cent of the island’s population is 55 years and over, with nearly 11 per cent having reached or surpassed age 65, Mrs. Rice-Bowen said in 26 years the number was projected to be half of the population.
“We know the ‘why’. Primarily, a reduced national birth rate and an increased standard of living. But today, we want to focus on the ‘what’. What is Barbados going to look like in 2050? What are we going to do to ensure that we have a senior population that lives comfortably, independently, and with dignity? …This is why we are here today. And I must add here, we are helping you.”
She said that BARP had not taken the selfish approach but through a shared vision with the Ministry of People Empowerment and Elder Affairs considered it necessary to move the conversation forward, use the research and the data available, and shape a plan that would start a movement towards ensuring a better way of life for tomorrow’s seniors.
The President further pointed out that the COVID-19 pandemic made it apparent to BARP that many of its members were not prepared for their senior years.
Adding that this was backed up by a 2021 Central Bank study, which indicated that 66 per cent of the people surveyed did not know how much they needed to save towards their retirement, she stated: “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. Those monies must withstand financial setbacks, shocks, including inflation, rising cost of living, and this calls for wise decisions.
“BARP believes that this is a prime time for local financial institutions to create products that can mature in 2050, especially for the 40 to 59-year-olds. They’ve done it before, and we are asking them as a priority to do it again. All financial institutions, not some and not the others. Help us to help our future seniors.”
She added that money was not the only concern and that BARP was concentrating as well on ensuring seniors understood and could utilise technology.
Urging the elderly not to fight the technology but to understand it, she said: “During the pandemic, we found that many of our members could not use the ATM; they couldn’t go on Zoom, online transactions, nothing they could do. We have members still who are petrified of technology. And some have even told us that they want the banks to return to bank books, instead of online statements.
“That’s not going to happen and because we know that’s not going to happen, we are going to help to prepare our members to face the new spaces of technology. Nothing is going to turn back; we are going to keep moving with our people so they can stay abreast.”
The BARP President told participants to view their health as a key part of their quality of life and noted that while Barbadians were living longer, they were not necessarily living healthier lives and ill health, medication, and care can wipe out retirement savings.
However, expressing hope, she remarked: “We are heartened that new research indicates that regular screening, diet, and exercise can go a long way in reducing non-communicable diseases. So, [for] tomorrow’s seniors, ageing does not have to be scary or depressing, or even a cause for worry. If you arm yourself with accurate information, make informed decisions, plan and be disciplined, your golden years can be the best years of your life.”