Changes in the Life Cycle Deficit of Elderly by Gender and Social Groups in India

The extent of monetary dependence in the post-retirement period of the elderly on family and transfer from earmarked public support is not the same for males and females and varies by social groups in India. This is a crucial policy input for strengthening the familial and public support system. In this paper, an assessment of the magnitude of change in the monetary dependence of the elderly by gender and social group in India. The monetary dependence is measured by the lifecycle deficit of the elderly in 60-plus years using the framework of National Transfer Accounts (NTA). It is found that from 2004–05 to 2011–12, females experienced a monetary lifecycle deficit, that is, a higher consumption level than their income, throughout the life cycle; however, the lifecycle deficit narrows down during this period. Scheduled castes (SC) and scheduled tribes (ST) are vulnerable social groups, and a number of public welfare schemes are earmarked for their benefits. The levels of lifecycle deficit among the SC and ST are nearly the same and much higher in 2004–05 than in 2011–12, indicating that the benefits of some of the public welfare schemes are eventually instrumental in narrowing down the lifecycle deficit over time.