Quite often, children are informed from an early age that they will need to be the ‘old age pension’ for their parents. True to prediction, many persons rely on their children and other relatives at times, for financial support in their ‘mature years’. These support funds are often sent by adult children to their retired parents through a money transfer or remittance provider.
According to a World Bank study in 2011, given the steadily aging population in Latin America and the Caribbean, remittances play a significant role in the day-to-day survival of the elderly. The funds they receive from overseas are used to pay rent, utility bills, purchase food, and cover medication and transportation costs. Remittances may even play a greater role in the lives of the elderly in the future, as the Planning Institute of Jamaica (PIOJ) is suggesting that by 2050, the number of persons 60 years and older would surpass the youth population, given the increase in life expectancy.
Remittance providers are aware of the crucial role they play in the provision of financial support from adult children to their elderly parents. This is one of the reasons that some remittance providers maintain a large network of locations to allow for the convenient transfer of funds from sender to receiver. Many of these locations are community based, reducing the need for a long commute to send or receive support funds.
Many providers also designate special lines or service windows for the elderly within their locations to ensure a reduced waiting time. Many persons need special care and attention in their golden years. The services provided by operators within the remittance industry helps to afford that care whilst allowing the elderly to retain their independence. Operators take great pride in serving the remittance needs of their mature customers and will continue to implement new ways of helping them to enjoy those ‘senior years’.