Elderly continue to suffer despite high net worth value: study

New Delhi:  Despite a high net-worth value,older people continue to suffer from medical, social and financial problems, according to a new study.

Conducted by city-based Agewell Foundation, the nation wide survey analyses the financial status of old people in India while assessing various aspects related to net-worth value, financial needs and rights of the elderly. The study, which interviewed a random sample of 15,000 people over the age of 60 years, stated the net worth value of older people increased primarily due to sharp increase in real estate prices over the past two decades.

"46.4 per cent elderly respondents claimed that their net-worth value has increased remarkably in their old age, but they continue to suffer due to the lack of elderly sensitive schemes," it states. The study points out how with high net-worth value, older persons have higher purchasing power, but do not get an
opportunity to use it to their discretion, with younger family members often manipulating their decisions.

"That is why in spite of major role and active participation of older persons in country's economy, they are still considered as negligible consumers in comparison to the younger generation," it says. A major reason behind their continued suffering, both medically and socially, is lack of elderly sensitive schemes for senior citizens.

Another finding of the survey reveals that more than half of the population of older persons, particularly in rural areas continue to suffer from financial problems leading to a miserable situation in old age, and about two-third of the
older people have to depend on others for their day-to-day maintenance.

"65 per cent of older persons undergo financial crisis and they are totally dependent on others for all their financial requirements. "Most of them are not in a position to earn their livelihood. Their savings, if any, are not enough to meet
their day to day, particularly the medical expenses," the study says.