Does financial support improve the well-being of the elderly?

Abstract

The increase in the aging population in the ages of above 60 years old has given huge impact on the socioeconomic, growth and human development of a country. Meanwhile, poor well-being initiatives in a nation contribute more on neglect of elderly welfare, and mental and physical abuse affecting better life quality and satisfaction. Approximately 703 million persons aged 65 years old in the world in year 2019, and it is projected to double to 1.5 billion in 2050. Millions of senior citizens are exposed to two main problems, physical and mental health, and financial capacity. Financial poverty, particularly, is the core in an ageing society due to lack of regular income, the death of a spouse, mounting medical bills, and poor planning for retirement among elderly people. Thus, the main aim of this article is to review the role of financial support in improving elderly well-being. The main implication of this article reacts to government authorities in planning and providing initiatives or assistance for the elderly financially. Therefore, proper welfare, policy and legal services for the elderly require a deeper understanding of the relationship between the individual characteristics of adults and preferred financial components to improve elderly well-being and life satisfaction. For future recommendations, studies through observations, interviews, and empirical investigations would provide evidence the real demand of financial support and its components towards improving elderly well-being.