The Determinants Of The Economic Wellbeing Of An Ageing Population

Abstract

Studying the impact of aging on GDP per capita does not give a clear picture of the economic wellbeing of elderly people. GDP per capita does not cater for people’s level of development or improvements in their standard of living. As a result, it is not a reliable measure of wellbeing. Each person has a different perspective regarding their economic wellbeing, and as a result, this study examines the impact of population aging on the economic wellbeing of the elderly in the King Cetshwayo District Municipality. A cross-sectional data set consisting of one hundred and fifty (150) participants was utilized to explore the determinants of economic wellbeing. Househeads aged 60 and above were asked questions about their demographics, level of education, asset ownership, and affordability of basic needs. The logistic regression model was used to examine the relationship between economic wellbeing and independent variables like age, gender, level of education, household savings, and other variables. The findings revealed that population aging does not affect the economic wellbeing of the elderly. Economic wellbeing was found to be determined by factors such as gender, education, health care expenditure, household savings, and increases in price levels.