About 65 per cent of elderly undergo financial crisis and they are totally dependent on others for all their financial requirements, revealed the findings by city-based Agewell Foundation, which conducted a nation-wide survey on 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.
The study also highlights the immediate steps that are required to help the elderly population in the country.
Only 35 per cent old people are financially independent owing to their savings or properties they have inherited, besides pension which becomes a major source of income.
For 38 per cent of elderly respondent, pension was the main source of income while 46.4 per cent elderly respondents claimed that their net-worth value has increased remarkably in their old age, stated the study.
“Financially insecure old people expect social security, free healthcare and subsidies, so that they can lead a comfortable life in old age. Those 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,” says Himanshu Rath, founder of Agewell Foundation.