Savings and Income Pattern of Senior Citizens

Abstract

Ageing is a phase of life and a biological process. With health facilities and living standards improving, the average life expectancy has gone up considerably, resulting in a sharp increase in the senior citizens. The senior citizens live at the bottom of the socio-economic strata. The savings play a vital role in every senior citizen’s life because the future is unpredictable one. The requirements’ may be in the form of unavoidable expenses like medical expenses educational expenses, marriage expenses and so on. So in order to meet the future requirements savings is essential. This is possible only when they invest their money in Land, Gold and securities or keep the money in the form of deposits in banks. To lead a dignified and healthy ageing the senior citizens ought to save money. The research article is an outcome of the study made on the savings and investment pattern of senior citizens in Sivakasi located in South Tamilnadu, India. Primary data is collected from 120 senior citizens through structured questionnaires. And the senior citizens aged 55 and above were identified by simple random sampling. The results of the study has shown that more than half of the senior citizens had in mind to invest in senior citizens schemes as the amount invested will reward high and safe being offered by the Government, Post Office and banks. They have suggested that as the senior citizens have great faith on Government sectors the attitude of staff in banks and post offices should be more courteous and respectful towards senior citizens.

Keywords: Financial planning, Investment pattern, Problems in investment, Savings, Senior citizens.