An Assessment of the Economic Challenges Experienced by Jamaicans Ages 50 Years and Older: Post-COVID-19

Abstract

Introduction: According to ‘The Jamaican Elderly, a Socioeconomic Perspective & Policy Implications,’ “Statistics reveal that only 1% of the elderly are in institutions, suggesting that elderly are either alone or with family members. Everyone in adulthood who is part of a middle-or lower-class background is likely to face economic challenges at one point in their lives.

Objective: This research aims to determine the economic challenges faced by those 50 years and older in Jamaica post-COVID-19 pandemic.

Method and Materials: A web-based and face-to-face explanatory, cross-sectional, and correlational research design was used to collect data from persons ages 50+ years. A purposive sampling method was used to obtain the data from 1129 sampled respondents across the 14 parishes in Jamaica. The collection of data commenced from October 1, 2022, to November 30, 2022. Confidentiality, privacy, and informed consent were maintained through google forms. A standardized survey was distributed via various social media platforms including WhatsApp, Facebook, Instagram, and Snapchat, through phone and face-to-face interactions. Data were then analyzed using the Statistical Packages for the Social Sciences (SPSS)for Windows, Version 28.0.

Findings: Findings and data analysis showed that Jamaicans 50 years and older are in dire need of help financially to survive their daily lives, this is especially true from a medical point of view. Most individuals were unaware of the importance of having a retirement plan for themselves, inclusive of appropriate personal health and critical illness insurance and this is further exasperated by a lack of education and awareness of the various government programmes and funding to assist with their medical expenses. Also, COVID-19 made it extremely difficult successfully engage in basic daily activities such as being able to purchase food and medication, and even pay bills due to the loss of jobs for themselves or a family member within the household who was the primary or substantive provider.

Conclusion: Multiple factors contributed to the economic challenges faced by the elderly population of Jamaicans. While employment status is one of them, it accounts for the majority percentage of their challenges. The COVID-19 pandemic demands that Jamaicans remain vigilant in their daily lives as they return to everyday activities and apprise themselves of financial planning knowledge that will scaffold their medium to long-term ability to live comfortably.