Financial Issues and Challenges of Elderly
Author(s):
Rupali Bhargava
Keywords:
Savings and Investment returns; Social contact; Changing roles; Managing leisure time; Economy.
Abstract
The present study aims to investigate the effect of financial condition of the elderly people and the challenges faced by them in order to support their children. The social life of elderly gets centered on the home due to the loss of most of the social roles they performed, creating a feeling of loneliness and isolation. The saving and investment returns that were anticipated did not materialize and the accounts did not grow to keep pace. Perhaps the income streams during the later years did not grow as fast as inflation and savings and investments were raided to augment income. Decreased social contact, reconciliation with past, loss of spouse, friends, job, property, change in physical appearance, changes in roles, managing leisure time, depression are relatively common. The study explored that families often wait too long before intervening to assist the aged seniors to maintain independence either because the family is in denial or it is because they hope it will go away or for some other reason. Thereby, the chances of encountering severe chronic health problem increases. Deliberately, exercising foresight, focus, continuous learning, perseverance, and simplicity during the period of economic activity can consistently uphold the importance of modest needs, savings, productivity, competence and delivering superior value to people and organizations for the betterment of economy, thereby, reducing financial hardships.
Article Details
Unique Paper ID: 156330

Publication Volume & Issue: Volume 9, Issue 3

Page(s): 341 - 345
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