Economic:

  • Lack of Income & Poor financial status:
    • Lower income or poverty has been found to be associated with elder abuse. Low economic resources have been conceptualized as a contextual or situational stressor contributing to elder abuse.
    • Due to steadily falling interest rates on bank deposits steadily most middle class elderly actually depend on elderly pension to sustain themselves.
    • In India, 74 pc of the elderly men and 41 pc of the elderly women receive some personal income whereas 43 pc of the ageing population earn nothing at all. 22 pc of those ageing Indians getting a personal income receive less than INR 12,000 per annum – PFRDA report on Financial Security of India’s elderly, April 2017.
  • Rise in the Health care costs:
    • As older people stop working and their health care needs increase, governments could be overwhelmed by unprecedented costs.
    • While there may be cause for optimism about population aging in some countries, the Pew survey reveals that residents of countries such as Japan, Italy, and Russia are the least confident about achieving an adequate standard of living in old age.