'Look towards retirees for new income-earning opportunities'
Published:Thursday | January 6, 2011 | 12:00 AM
Laura Redpath, Senior Gleaner Writer
Professor Denise Eldemire-Shearer is encouraging budding entrepreneurs to look towards the ageing market for growth and opportunities.
Considering that just under 300,000 individuals are 60 years and older, and that number is expected to increase over the years, persons interested in starting businesses might find niches to carve in the ageing market.
Eldemire-Shearer, head of of the Department of Community Health and Psychiatry at the University of the West Indies, said the face of the elderly is going to change as individuals approaching retirement are active, youthful and looking to maintain the lifestyles they have.
The professor presented a few ideas of her own.
"Home care is not just for the sick. People, as they age, may want or need home care in terms of cooking, for example. Most families don't really want to put their family members in a home," she said.
Eldemire-Shearer also spoke to the establishment of businesses that cater to the elderly, facilities on retirement complexes, the actual building of retirement complexes and new clothing designs to suit the changing bodies of senior citizens.
"Older women need bras that do up at the front and not the back. Also, we still need dressmakers so an older person can go in and have their clothes altered. At that age, with limited funds, they may not want to spend money on new clothes," she told The Gleaner.
Wayne Chen, president of the Jamaica Employers' Federation (JEF), endorsed the professor's comments while adding his own.
New jobs in health tourism
"Health tourism and retirement communities are two areas where new jobs can be created," Chen told The Gleaner.
"In the area of hospitality, we are certainly world class because of our warmth and our health-care professionals are in high demand."
He also noted that because of Jamaica's climate, which is easier on ageing joints, the millions that will enter retirement in the next 20-30 years will need a warm place in which to retire.
"Costa Rico and Mexico are in on this and Panama is also expanding. It is important to note that these are Spanish-speaking countries and Jamaica is an English-speaking country.
"Think of the opportunities that can be created for English-speaking retirees," the JEF president said.
As health care and retirement go hand in hand, Chen said he does not think Jamaica has capitalised on what he described as an obvious opportunity.
"Many Jamaicans who live in the diasporas are retiring in Florida, St Lucia and Barbados, for example. They are doing that because of their fear of security issues," he said.
"These are areas we need to be mindful of."