We know the gap between the rich and poor is continuing to widen, both globally and locally.
We also know it’s the most vulnerable (seniors, children and the disabled) who are hit hardest in a world of economic disparity.
So, when groups such as Chimo Community Services and the Richmond Food Bank say that, despite a lack of hard data, they sense the number of seniors living in poverty in Richmond is growing, I’m inclined to believe.
Our Friday Feature describes what is a disturbing reality for too many seniors living amongst us, one of the wealthiest communities in the Lower Mainland. But as we talked about writing this feature, I couldn’t help but think, if there’s a problem now, watch out. Many of us currently working don’t have what our parents had — an affordable home and a defined benefits pension.
In fact, many of us are mortgaged to the hilt, or unable to even crack the housing market, which is going to mean a lot more vulnerable retirees in the future. As our story reports, seniors who have paid off their homes are significantly more secure than those who haven’t or are renting.
The other issue is pensions.
There was a time when a defined benefits pension plan was the norm, meaning you’d be sent a monthly cheque after retirement. In the past few decades, many companies switched to contribution plans, meaning the employer contributes towards your retirement investments while you’re working, and whatever’s accumulated by the time you retire is what you have to live on. It’s less expensive and more predictable for the employer, and more flexible but less secure for the employee. Now, many new employees aren’t even getting that. All they can count on is, on average, $950/month from the government. It helps, but won’t cover the bills in Richmond.
Granted, people have to take responsibility for saving for their retirement, and most of us do. But life can throw curve balls. And if you’re a single parent with a disabled child, good luck.
It’s heartening to know some are bringing awareness to the issue and finding solutions. However, it irks me that those who have worked, paid taxes and contributed to a prosperous economy should have to rely on food banks and other forms of charity in their senior years. The notion of a rent bank, where people can go to get their rent covered in an emergency, is brilliant and desperately needed. I would just hate to see it turn into a variation of the food bank — a charity standing in the place of justice. Our seniors deserve more than handouts. They deserve, as we all do, some measure of comfort and dignity. Because housing, by all accounts, is the most pressing need, let’s start by insisting on a national housing strategy.
