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For the majority of the elderly population, level of income and material wealth is a key determinate in the level of life satisfaction throughout ones elderly years. Economic insecurity is an issue that many elderly are subjected to as a result of many social changes such as declining government pensions, employment insecurity, decreased fertility rates, an increase in divorce rates, etc. This lack of financial and material wealth (assets) among many elderly people can greatly impact one’s life with regards to one’s health, social involvement, independence, living arrangements etc. The purpose of this paper will be to analyze income and assets among this segment of the population, and in addition addressing the impact that these have on other aspects of an elderly persons life. Historically, elderly individuals were primarily depended on family member, friends and relatives for their economic and/or financial support. If this informal support system was unavailable to the elderly individuals, most elderly were subject to a lifestyle that labeled them as living below the poverty line. In an attempt to prevent many of these individuals with no social network from living in this standard of living the government implemented an Old Age Pension Plan, which entitled these individuals to government financial assistance. Many elderly individuals felt that this government assistance was something that they were entitled to, compelling many elderly to hide their financial and material assists from the government and thereby being able to claim a need for government assistance. This abuse of the system forced the government to look at the needs of the elderly population, resulting in the development of a universal pension plan. This plan was created to assist all elderly individuals throughout their retirement years. (McPherson, 1998, pg. 285-286) In today’s society the government has established a pay- as- you –go system resulting in cutbacks for many elderly individuals. For many elderly persons financial assistance is based on need and individual contributions throughout ones employment to the government pension system. (McPhersaon, 1998, pg. 287) Many women are especially vulnerable to a lack of financial assistance or limited income because of the nature of their work. Women tend to generally tend to occupy part-time position where income is not substantial and benefits are not obtained. (McPherson, 1998, pg. 298) This has affected many elderly individuals lifestyle and is a system that is currently being questioned. For many elderly individual the issue of inflation poses a great threat to the types of lifestyle many are subjected to.
Approximate Word count = 1594
Approximate Pages = 6.4
(250 words per page double spaced)
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