Two-third of the old people have to depend on others

Two out of every three senior citizens in India have to depend on others for their survival, a survey said.

Exhaustive data collected over the years by Agewell Foundation across the country showed that in India 65 per cent of older persons suffer financial crisis and are totally dependent on others for all their financial requirements.

For the study 15000 older persons aged above 60 years were interviewed across the country ahead of the International Day for Older Persons which falls on October 1 every year.

More than four-fifth respondents said their major problems were related to medical and healthcare and financial status plays a major role in healthcare conditions.
 

Pension was found to be the main source of income of 38 per cent elderly respondents.

According to the report, older persons in the category of 60 years to 70 years are looked after well by their children. But with further advancement in their age children find it difficult or they are unable to look after them because of their own growing age and ever-increasing responsibilities towards their own children.

Therefore senior citizens of over 70 years are marginalised or isolated to a large extent. Despite good net-worth value, majority of such elderly people lead lonely and miserable lives and some of them have to live under inhuman circumstances.

Agewell Foundation's chairman Himanshu Rath said financially insecure old people expect social security, free healthcare and subsidies so that they can lead a comfortable and respectable life in old age.

At the same time older people with sound financial health look forward to risk-free investment schemes so that they can earn good returns to meet financial needs in old age.

The foundation has carried out a nation-wide survey to study the financial status of old people in India while assessing various aspects related to net-worth value, financial needs and rights of elderly.