Every 1 in 5 people of India’s population will be above the age of 60 by 2050. As longevity increases, research points towards a new category of people who are above the age of 55 but exhibit mental agility at par with their younger counterparts. They have more time on their hands, and wish to engage in meaningful activities, build strong connections and remain relevant in society. It is equally important to segregate the needs, challenges and aspirations of this cohort with the older senior citizens, who have unique abilities and requirements too.
Recrafting Identity:
Recrafting Identity:A seasoned citizen experiences multiple milestones where their self-image is bound to get redefined. Our study has also showed that sense of social connectedness influences their self-image; these connections provide external validation and support for seasoned citizens. Positive social interactions, acceptance within a community and feeling of social belonging enhance their perception of themselves. While social connectedness is a key factor to facilitate social belonging among seasoned citizens, it has different meanings across genders.
Financial Freedom:
In the context of increasing cost of living, and the uncertainty of ageing, managing finances becomes an integral activity of life after 60. They have various woes regarding financial planning as they anticipate family feuds over finances and the wills of their parents. Moreover, they are frugal, and do not splurge or self-indulge. Seasoned citizens rely on pensions and investments, and some even bank on their children’s support during this time.
Social Wellbeing:
Building new social circles can be a challenge, especially for men who haven’t prioritized it before. Groups, volunteer work, and connecting with other retirees offer a sense of belonging and combat loneliness. Women, with their strong support networks, navigate this differently, finding self-worth in family and social connections. Reshaping identity after retirement requires courage, and both men and women find it in their passions, new pursuits, and the continued ability to contribute.
Digital Literacy:
This cohort is increasingly taking to digital technology and is keen to learn it. However, women specifically, are skeptical of using financial technology, fearing getting scammed. This highlights the need for building programs that inspire trust in using digital technology overall, and digital financial services, more specifically. Further, more applications need to be designed after considering the challenges faced by this age group while accessing digital technology.
Quest for Meaningful Pathways:
Seasoned citizens who participated in the study they had earned their rest, and that is why volunteering, and travel, remained a priority pathway for meaningful engagement, post-retirement. For the few who were looking for alternative sources of income, personal networks were the primary facilitators for finding suitable roles. While starting smaller entrepreneurial ventures was preferred, getting involved in full-fledged businesses was seen as daunting.
Voices
“When I was 51, I was made redundant from my senior management role at a Russell Group university. I really liked my job and I’m still extremely fond of the university. But what became evident at the time was that it was difficult – no, impossible – to find another job.”
*
Did You Know?
In India, every 1 in 5 people will be a senior citizen by 2050.
**
Ecosystem Partner
**(Source: India Ageing Report, 2023)
