Seniors are active consumers of financial products and services
Older persons constitute an increasing consumer group with specific needs and significant aggregate purchasing power
Older persons constitute an increasing consumer group with specific needs and significant aggregate purchasing power. At present, India is the second most populous country of the world, but it also has the second largest elderly population—130 million+ older persons (60+)—and by the year 2021, about 11% of the population will be 60 or older. According to data from the Sample Registration System (SRS), life expectancy at the age of 60 has increased from 14 years in 1970-75 to 18 years in 2010-14 with women living about two years longer than men. Owing to the change in financial status and improved independence of older persons, their role in financial activities has also undergone significant change. Today, they can be observed to be active buyers as well as consumers of various products and services and embarking on other financial activities. This study by Agewell explores the emerging role of elderly consumers in business and economy. A total of 10,000 respondents were studied by 400 volunteers across all the five regions of Northern, Southern, Western, Eastern and Central India. Respondents included 4,899 rural and 5,101 urban elderly, and 4,762 respondents were men and 5,238 were women. Out of 10,000 respondents, 5,653 (56.5%) were in the age group of 60-70 years, 3,120 (31.2%) were in the 71-80 years age group and the remaining 1,227 (12.3%) comprised the oldest old group (81+ years).
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