With longer life span, the significance of financial independence in old age has increased dramatically. Crossing the age of 85 is quite normal nowadays. But due to the popularity of nuclear family system and migration of younger people for better prospects, a majority of older persons have to live alone, without any family support system. They have to look after all their requirements and if they do not have enough income, their life becomes tougher as they can’t get proper care and support. Hence, at this stage, financial independence matters most. In today’s times, it also seems that the level of sensitization towards needs and rights of older persons among younger generations has declined as a majority of them hardly interact (or get to interact) with their ageing parents and grandparents.
