Cash, children or kind? Developing old age security for low-income people in Africa

11-Apr-2012    How do low-income people prepare with the changing situation as they age, and what is the potential role of microfinance in providing security for them during their old age?

What happens when a person is no longer able to earn money due to old age or infirmity? Or how does one support oneself after retirement? In this paper Graham Wrigth, Programme Director of MicroSave, analyzes the income security of people in their old age. The paper describes how low-income people prepare or cope with the changing situation as they age, and examines the potential role of microfinance in providing security for them during their old age.

The data and findings of this paper are based on the experiences of more than 180 respondents who participated in focus groups in Kenya, Tanzania and Uganda. The focus groups were driven by a discussion guide and by ranking exercises specifically designed to examine how people prepare or save for old age and which financial services might assist them to do so.

 

 
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