Elderly lack financial, social security: study

What is the News?

HelpAge India has carried out a national survey to study the social security of senior citizens. A report based on the survey results was released on the eve of World Elder Abuse Awareness Day.

About the report

Based on: A survey conducted by the non-governmental organisation with the involvement of 4,399 senior citizens and 2,200 caregivers across 22 cities.

Released by: Ministry of Social Justice and Empowerment

What are the key findings of the report?

The financial situation of elders: 52% of the elderly surveyed reported inadequate income; 40% of them said they did not feel financially secure. Further 57% of elders said their expenditure was in excess of their savings, and 45% said the pension amount was not enough for survival.

Working of senior citizens: 71% of senior citizens were not working, while 36% were willing to work and 40% wanted to work “as long as possible”. As many as 30% of the elders were willing to volunteer their time for various social causes.

Health cover for elders: 87% of elders reported there is the availability of healthcare facilities nearby. However, 78% of elders mentioned unavailability of app-based online healthcare facilities and a significant 67% of elderly reported they do not have any health insurance at this critical stage in their lives and only 13% are covered under government insurance schemes.

Elderly abuse: 59% of elders felt that elder abuse was “prevalent” in society, but 10% reported being victims themselves.

What is the significance of the report?

a) The report highlights the need to pay greater attention to the social security of senior citizens in the country. HelpAge India has been advocating for a universal pension of ₹3,000 a month, b) Both financial planning for later years and social security needs much greater attention at present.

Source: The post is based on the article “Elderly lack financial, social security: study” published in The Hindu on 15th June 2022.