On any given morning, you’ll see it on the streets of Mandeville or Half-Way Tree, more silver hair in the lines at the bank, the pharmacies and even yoga studios.
Jamaica is getting older, and the numbers confirm it. We have reached a point in our history where Jamaica’s ageing population is no longer a burden to be managed, but a powerful force to be mobilised; an active, viable contributor to economic growth.
The 2022 Population and Housing Census shows our population growing at its slowest rate in 50 years, just 0.24 per cent per year. Births have fallen by over 40 per cent since the 1970s, while deaths have risen by a quarter in the last decade. The median age is now 33.5 years and is expected to pass 40 by 2050, while life expectancy has climbed to 75 years (72 for men and 78 for women).
The Silver Economy
The reflex reaction is often an alarm. Fewer births mean fewer workers, taxpayers and pension contributors. An ageing society without proper systems can strain productivity and the public purse. Yet this is only half the story. The other half, often overlooked, is the opportunity that ageing brings, what economists call the “Silver Economy.” This refers to the expanding market for goods and services tailored to older adults. Globally, it is valued at nearly US$15 trillion and is expected to surpass US$23 trillion by 2030, encompassing sectors such as healthcare, financial services, technology, wellness, housing, and leisure.
Here in Jamaica, the outlines of this new economy are already visible. Today’s retirees are redefining what it means to age. Many are active, tech-savvy and eager to live connected, productive lives well into their 70s and beyond. People aged 60 and over account for nearly 14 per cent of the population, and by 2050, that figure will be roughly 25 per cent.
The possibilities, some of which are already being explored and executed to certain degrees in Jamaica, include retirement-friendly housing communities, telemedicine for chronic care, pension-linked fintech tools, medical and wellness tourism packages for the 55-plus traveller, and concierge or mobility services that keep seniors independent. These are new markets waiting to be tapped, generating jobs for younger Jamaicans in health, hospitality and financial services.
The Push for Automatic Enrolment & Micro-pension products
The pension industry has a pivotal role to play in unlocking this potential. The Pension Industry Association of Jamaica’s push for automatic enrolment and micro-pension products is not only about social protection, but also about building the financial infrastructure for this new senior market. Pension funds can become catalytic investors in the Silver Economy, financing senior housing projects, private healthcare infrastructure, and long-term care facilities within the parameters of investment regulations.
Presently, less than 20 per cent of Jamaica’s employed labour force is enrolled in a pension arrangement. Expanding coverage would not only secure individuals’ futures but also channel capital into the industries that will support an ageing society.
As people live longer, retirement is no longer a single life stage; it is a 20-to-30-year journey. Recently, I met a retired 68-year-old teacher who now runs a small online tutoring business. She earns and continues to contribute to the economy every month, a small example of active ageing in action. Every older Jamaican who remains economically engaged strengthens our GDP, our communities and our inter-generational balance.
But to make the most of this transition, we need coordinated policy reform. Pension regulation must evolve to ensure coverage for informal workers. Healthcare policy should prioritise preventive care, digital health systems, and long-term care insurance. According to the Pan American Health Organization, healthcare costs for persons over 60 are expected to double by 2040. Urban planners, too, must design spaces that are accessible, safe, and age-friendly. Private investors should recognise that this is not a niche market but a national opportunity.
The challenge is to prepare our institutions, markets, and mindsets for this demographic shift. The Silver Economy is not about dependency; it is about empowerment and independence. Longer lives can mean stronger communities and a more resilient Jamaica, if we start investing in that future now.
Gavin Riley | Administrator
editorial@our.today.
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