The older people are individuals whose age almost reaches the average lifespan of humans. Traditionally, they have always been the custodians of the authority and dignity of the family. Today, however, they are becoming economically, physically, and mentally inactive, making them more dependent on their children. They are commonly faced with health, financial, emotional, and family problems, which can weaken their sense of safety and trigger stress. This paper seeks to explore in detail the various economic factors that the older adults face in the society.
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The high cost of health care, financial mismanagement, and accrued debts make it difficult for some senior citizens to support themselves and their families. According to Lambrini (2016), the level of poverty among older women is significantly higher than among males, making it hard for them to pay their bills and access critical social services. Reaching retirement age without advice from a financial advisor on how to maintain pension schemes and other investments is often viewed as the cause of instability for the majority of senior citizens (Lambrini, 2016). Therefore, excellent advice can offer older adults investment insights and recommendations on minimizing expenditure.
Another cause of low finances in old age is fraud. Many older people easily trust people due to factors such as weakness and loneliness (Weng et al., 2018). Unfortunately, the children who are supposed to help them during their vulnerable period usually prey on their finances and eventually defraud them (Lambrini, 2016). The children thus take advantage of the generosity of their parents or grandparents. As a result of the financial instabilities, the aged strain to access basic needs such as food and good healthcare hence an economic and social issue.
Lack of employment is also another issue that leads to socioeconomic challenges among older people. Having a job is essential for an individual’s economic stability and social connections. According to Weng et al. (2018), older people face difficulties in finding sustainable jobs because of discrimination that is based on age. Apart from that, long-term unemployment among them has also risen due to weak economic conditions. Discernment, therefore, increases the rate of economic and social inequality among their population.
The final issue that most senior citizens face is the lack of access to quality healthcare because of financial problems. When seniors retire, a range of wellbeing complications, which may not have been experienced before may emerge (Weng et al., 2018). However, chronic diseases, which cannot be avoided may also create unavoidable financial challenges. The common health issues include heart diseases and mental complications. According to Lambrini (2016), any form of chronic heart disease may affect about a third of all men and a fifth of all women within the old age group. Unfortunately, very few of them can afford the treatment, which leads to economic challenges.
In addition, psychological health issues such as depression and loneliness may also result from the above challenges. According to Lambrini (2016), it is dangerous for aged individuals to find themselves suddenly isolated due to retirement, separation from family, lack of transport, and many more reasons. It leaves them at risk of contracting diseases such as obesity, which may pose an economic challenge in search of treatment (Weng et al., 2018). It also leads to a social challenge as the old may only spend the little time they have to interact with people. Therefore, health issues among older adults have the potential to make them experience socioeconomic challenges.
In conclusion, most senior citizens in many countries undergo a variety of challenges that result in socioeconomic issues. As a result, many older adults have resorted to depending on their children and caregiver centers for financial stability purposes. The inability to fend for themselves and provide for their families has therefore led to economic restraints, which have in turn contributed to other problems such as depression.
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Lambrini, K. (2016). Social exclusion of elderly. Journal of Healthcare Communications, 1(3), 21. Web.
Weng, P.-H., Chen, J.-H., Chiou, J.-M., Tu, Y.-K., Chen, T.-F., Chiu, M.-J., Tang, S.-C., Yeh, S.-J., & Chen, Y.-C. (2018). The effect of lifestyle on late-life cognitive change under different socioeconomic status. PLOS ONE, 13(6), e0197676.