Ramesh S Arunachalam
Rural Finance Practitioner
As Table 1 suggests, there are several challenges that old people face and they have very few means for overcoming these challenges.
The case for micro-pensions can never be argued more strongly as these people suffer dual oppressions – being old and on top of that, being poor as well.
In terms of preparing for old age, the poor use several strategies including:
· Investment in Assets (Cash or kind (Land/House), etc.)
· Investment in Children – that is often why poor have many children, thus resulting in larger family sizes, which ironically prevents savings at a younger age
· Save Cash (Different options)
· Informal Groups and
· Other temporary strategies including high cost borrowing
Therefore, there is an urgent need to enable the elderly to prepare for old age and the time for micro-pensions has never been stronger…
Have a Nice Day