#40
The impact of retirement income supports on the wellbeing of low-income seniors: A scoping review
Firoozeh Bairami Hekmati1, Mohammad Hajizadeh1, Jeanna Parsons Leigh1
1Faculty of Health, Dalhousie University, Halifax.
Introduction: The global increase in aging populations poses challenges for seniors, particularly those with lower income. Some countries provide financial assistance to support this group. This review examines the impact of these income support programs on the well-being of seniors.
Methods: A systematic search was conducted across five databases – PubMed, Scopus, Embase, PsycINFO, and CINAHL – covering studies published up to September 10, 2024. Following Arksey and O’Malley’s (2005) scoping review framework, we included all original studies examining the impact of income support on the well-being of low-income seniors, excluding review articles. Of the 12,504 articles screened by title and abstract, 26 studies met the eligibility criteria for inclusion.
Results: Findings indicate that income supplementation for low-income seniors improves health markers, including memory, lung function, and frailty, by enhancing access to essential healthcare services, nutritious food, and mental health support. By reducing financial hardship, these programs enable seniors to prioritize basic health needs, which may also reduce chronic stress and its negative effects on physical health. Programs that provide frequent (monthly) payments were particularly effective, as they foster consistent consumption patterns and enable seniors to seek timely medical care without financial hesitation.
Conclusion: This review highlights the significant potential of income support programs to enhance health outcomes and quality of life among low-income seniors. By ensuring regular access to essentials, financial support plans improve the physical and mental wellbeing of socioeconomically disadvantaged seniors. Structured financial support with regular payments and tailored resources could promote healthier aging.
#108
Retirement in Nova Scotia: Dream or Reality? A Qualitative Review of the Retirement Preparedness of Generation X
Naomi MacDonald1
1Acadia University, Wolfville.
In recent years, financial institutions, investment firms, and media outlets have highlighted significant financial challenges that could jeopardize Generation X’s (born 1965–1980) ability to adequately prepare for retirement. Despite this growing concern, academic research on the retirement preparedness of Generation X remains limited. This study explores the financial knowledge and retirement goals of 14 Canadian men and women born between 1967 and 1980, using a qualitative approach. Through semi-structured interviews and a life course perspective, the data provides a detailed overview of participants’ life transitions and trajectories, including their education, employment history, financial responsibilities, retirement goals, and planning strategies. The analysis revealed five key themes: 1) financial and debt management, 2) health and well-being, 3) retirement aspirations, 4) retirement education, and 5) retirement preparation. The current economic conditions in Canada, which include higher costs of living, the decline of employer pension plans, the rising cost of education, and an increase in debt load, present unique challenges for Generation X as they approach retirement. These conditions have been further challenged by the COVID-19 pandemic. Notably, the traditional ideal of fully exiting the workforce is shifting. Whether by choice or by necessity, eight of the 14 participants plan to continue to work during their retirement years, reflecting a change in previous retirement expectations. This presentation will highlight how participants learn and prepare for retirement, as well as explore their future employment and retirement plans as they age.