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1 SOCIO-DEMOGRAPHIC INDICATORS OF ELDERLY ECONOMIC WELL-BEING IN NIGERIA BY WAHAB, ELIAS OLUKOREDE & ANIGBORO, GODWIN OLUWASEGUN DEPARTMENT OF SOCIOLOGY, LAGOS STATE UNIVERSITY, NIGERIA ABSTRACT This study investigates how socio-demographic indicators impact on well-being at old age in Nigeria. This has become essential in order to improve the preparation for old age among Nigerians. Reliable information is also required to formulate comprehensive social security system for the elderly. Quantitative data was collected through individual-based questionnaire. Multi-stage sampling procedure was employed to select local government areas, enumeration areas and individuals for the study. In all, 200 respondents were interviewed. The study found that in terms of education, more than three-fourths of the respondents with high education have better economic wellbeing. Level of education is statistically related to level of satisfaction with old age well-being, those in extended families are more likely to report satisfaction with economic well-being. Among the females, less than one-fifth of the respondents reported satisfaction with old age economic well-being. Type of family is somewhat statistically related to elderly persons’ economic well-being. This underscores the inadequacy of their income from pension. In conclusion, the idea that old-age security and well being in Nigeria should remain the primary responsibility of the family is untenable. Government must assume the primary responsibility in a partnership in which the family also continues to play a significant role. Key words: Well being, Socio-demographic, Old age, Economic, Nigeria

BY WAHAB, ELIAS OLUKOREDE ANIGBORO, GODWIN OLUWASEGUN ... · WAHAB, ELIAS OLUKOREDE & ANIGBORO, GODWIN OLUWASEGUN DEPARTMENT OF SOCIOLOGY, LAGOS STATE UNIVERSITY, NIGERIA ABSTRACT

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Page 1: BY WAHAB, ELIAS OLUKOREDE ANIGBORO, GODWIN OLUWASEGUN ... · WAHAB, ELIAS OLUKOREDE & ANIGBORO, GODWIN OLUWASEGUN DEPARTMENT OF SOCIOLOGY, LAGOS STATE UNIVERSITY, NIGERIA ABSTRACT

1

SOCIO-DEMOGRAPHIC INDICATORS OF ELDERLY

ECONOMIC WELL-BEING IN NIGERIA

BY

WAHAB, ELIAS OLUKOREDE

&

ANIGBORO, GODWIN OLUWASEGUN

DEPARTMENT OF SOCIOLOGY,

LAGOS STATE UNIVERSITY, NIGERIA

ABSTRACT This study investigates how socio-demographic indicators impact on well-being at old age in

Nigeria. This has become essential in order to improve the preparation for old age among

Nigerians. Reliable information is also required to formulate comprehensive social security

system for the elderly. Quantitative data was collected through individual-based

questionnaire. Multi-stage sampling procedure was employed to select local government

areas, enumeration areas and individuals for the study. In all, 200 respondents were

interviewed. The study found that in terms of education, more than three-fourths of the

respondents with high education have better economic wellbeing. Level of education is

statistically related to level of satisfaction with old age well-being, those in extended families

are more likely to report satisfaction with economic well-being. Among the females, less than

one-fifth of the respondents reported satisfaction with old age economic well-being. Type of

family is somewhat statistically related to elderly persons’ economic well-being. This

underscores the inadequacy of their income from pension. In conclusion, the idea that old-age

security and well being in Nigeria should remain the primary responsibility of the family is

untenable. Government must assume the primary responsibility in a partnership in which the

family also continues to play a significant role.

Key words: Well being, Socio-demographic, Old age, Economic, Nigeria

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2

INTRODUCTION

In Nigeria, the traditional family system and polygamous nature of Africans in

conjunction with the traditional co-existence experience among family

members, then referred to as extended family relationship, made elderly to

experience no isolation, suffering and rejection. They were given leadership

positions in their various communities and seen as sources of wisdom,

guardians of ancestral values, cultural traditions, history, folklore and other

cultural values (Wahab, 2011). The values attached to them made the society to

respect them, embrace and willingly care for them. Families not only provide

care, but food, shelter, advice and assistance on health care, clothing and others

without any form of compensation.

Modernization and acculturation have caused a shift in the traditional scenario

and put an end to the accrued elderly benefits of the traditional time. Economic

hardship has caused both men and women to work, leaving no one to care for

the elderly, despite lack of provision of social security by the government.

Even when support for the elderly exists in the family, it is often inadequate

and adversely affects the care givers psycho-emotional and economic status. Of

importance is the dearth of contents or inclusion of care of the elderly in the

curricula of students of health professions in the country in addition to not

having a separate unit designated for their care (Amaike, 2006). Moreover, the

breakdown of intergeneration care is negatively affecting values, worth and

attitudes toward the elderly. Hence, a solution is needed that maintains the

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3

required values with a view to incorporating modern approaches to the care of

subgroup and improving their well-being. One of the aims of research on well-

being of the elderly is to discover the indicators that either increase or decrease

well-being in old age. Feelings about life are subjective and what is considered

as important for the wellbeing of one person may not be so regard by another.

Also, a chronic health condition occurring in the setting of a developed country

may have a lower impact on the quality of life on the patient than the same

disease would have in a low income country where resources to ameliorate

disability may be scarce. The subjective nature of quality of life and the

contextual nature of its assessment inform the World Health Organization’s

definition of it (subjective wellbeing) as: “an individual’s perceptions of his/her

position in life in the context of the culture and value systems in which he/she

lives, and in relation to his/her goals, expectations, standards and concern the

world health organization, (WHO, 1995). Thus economic wellbeing reflects a

broad view of subjective wellbeing and life satisfaction that encompasses

ability to sustain a good mental and physical health, material wellbeing to

cover basic needs such as: eat good nutritious food, pay necessary bills, live in

a conducive apartment and environment, maintain good interpersonal

relationship within and outside the family, work and activities within the

communities, personal development and fulfillment and active recreation

(Beales, 2000).

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4

Studies conducted by Jakobsson, Patel et al (2007) among groups of elderly

persons have shown that quality of life and subjective evaluation of life

satisfaction are indicated by several factors. Other than socio-demographic

features such as age and financial status, health, including functional disability,

and social support and network are often found to be important in elderly

person’s assessment of their quality of life. In general, the common observation

is that elderly persons value independence, financial security, emotional

support and social integration (Asiyanbola, 2004).

Generally, many factors have been studied in relation to well-being, but only

some have been found to be associated with it. These factors are demographic

(age, sex, culture, marital status). Social (socioeconomic status, quality of

children, religion, social contact etc).Or related to personality, life events and

engagements, health, and activities. Old age often brings about health problems

and decreasing functional capacity which may affect the sense of economic

wellbeing of an individual. In this regard, the goal of health for the elderly in the

society may not be that of freedom from diseases, but the possibility of having a

good life despite illness and decreasing capacities (Meyer and Sullivan, 2003).

The syndrome of seeing senior citizen’s welfare as the responsibility of the

family had made the government of Nigeria to do little or nothing to provide for

their welfare. In many cases, when they are entitled to pension, this regrettably

is not paid and when paid it is not often on time (Adegoke, 2007). Each time

pension is mentioned, the question that readily comes to mind is “how many

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5

aged Nigerians have access to jobs that leads to retirement and attract pension at

old age?” Majority of Nigerian aged lives in rural area and are gainfully

employed in subsistence farming. Large Percentage of the aged who live in the

city are basically self-employed who have to work till death for their daily

survival.

There has being increasing interest in the well-being of the aged in the last two

decades. One of the specific areas of interest has been to investigate and

determine the various social demographic indicators of good life and economic

well-being in old age. Investigation of this heightened interest in economic

well-being suggests that it essentially can be associated with four interrelated

factors:

The growing number of uneconomically insufficient aged in the Nigerian

societies,

Understanding the general premise of successful ageing,

The consequences of longevity that influences the overall quality of life for the

aged, and

needs to Inform and create the consciousness of present working class and

youths the needs to make provision for alternative social security and supposed

family supports in their old age.

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To determine whether the aged have adapted with ageing, it is important to

obtain their input from them, self-rating of life satisfaction is recognized as a

principal measure of effective adaptation to ageing and well-being (Zaidi and de

Vos, 2001). However it will be more logical to have a firm grip of those

conditions that can serve as possible indicators of economic well-being of the

aged, and to test a multivariate model that explains the relationships between

socio-demographic on the old people.

The big question however is, how has the elderly fared, looking at the positive

experience of the past to date amidst psycho-socio-economic and demographic

changes? Frankly speaking, the demographic report on the elderly subgroup 60

years and above was between 10-12 per cent population and by way of

prediction by the year 2025; it will be about 15 per cent. This means that about

2.55 million elderly Nigerians will be without any concrete plan for

sustainability in later life and family support in place for survival (Fajemilehin,

2009).

There has being increasing interest in the well-being of the aged in the last two

decades. One of the specific areas of interest has been to investigate and

determine the various social demographic indicators of good life and economic

well-being in old age. Therefore, What are the indicators of elderly people

economic wellbeing? Are there any cross point between Government policy and

economic well-being? Are there evidences attesting to formal education as

indicator of economic wellbeing in the later life? Are there interface between

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7

the numbers, quality of children and economic well-being of the elderly? Are

there any cross point between the size of family and the economic well-being of

the elderly? These and other questions shall be probed into in the course of this

study.

THEORETICAL FRAMEWORK--------POLITICAL ECONOMIY

THEORY: There is nothing as good as having relevant theory that addresses

the specific area of research processes. For the purpose of this research, political

economy theory will shed light on indicators of wellbeing of the elderly shall be

considered. The political economy theory attempts to explain how interaction of

economic and political forces determines the allocation of social resources.

The political economy theory is a variant of Marxism and conflict theory, it is

also expected reaction to structural functionalism. The theory posit that the

variations in the treatment, status and care of the elderly can be understood by

examining public policies, economic trends and social structural factors. Socio-

economic and demographic constraints shape the experiences of the elderly

persons resulting in their loss of power, influence and opportunities in old age.

With possession of fewer resources, they are more vulnerable to abuse and

neglect.

Profit maximization also remains the core philosophy of a capitalist economy

thereby making access to quality services by the elderly very difficult. The

notion of care giving, power relations and the dependency of older people

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8

signify the fact that the care of the elderly has become politicized in Nigeria in a

way that minimizes government’s (especially federal) responsibility for

providing care and support for it senior citizens. It is assumed that the family

should provide care and support for their elderly. This role is becoming more

difficult for the extended family system to perform in the face of excruciating

economic problem. Capitalism force both men and women who could

ordinarily serve as care givers to work round the clock neglecting their

government neglected elder and old parents. Walker (1993) uses the political

economy perspective to analyze the problem of intergenerational relationships

and the issue of “generational equity”. He observes that a bridge exist between

social policy and social caring relationship such as the care of aged family

members. He noted that state policies affect family relationships. The

implication is that social and political environment also serves as platform

where resources are gathered by family members to provide for the type and

quality of care and support that their ageing family may need.

The influence of demographic, social and economic forces on the well-being,

care and situation of the elderly in Nigeria is tremendous. For instance, any

change in social economic structures would impact either negatively or

positively on the care and support of the elderly since family members who are

the primary care givers live in the society, and policy of the state would either

enhance or hinder their ability to provide care and support for the ageing

population in their midst likely area that will be effected includes:

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9

The pension scheme, care giving, institutional placements or home for the aged,

financial responsibility within the nuclear and extended family circle.

Therefore, social policies can either enhance the well-being and care of the

elderly or limit their access to quality care and economic well-being in old age.

HYPOTHESES

1. There is no significant relationship between social policy and the elderly

economic well-being.

2. There is no significant relationship between level of education and

economic well-being of the elderly.

METHODS

STUDY POPULATION

The study focuses on the elderly people of Iba Local Council Development area

(Iba LCDA) of Lagos state. The targeted age groups are between the age of 60

years and above. It also covers various socio-demographic characteristics; male,

female, married, divorced and single parents.

SAMPLE SIZE AND SAMPLING PROCEDURES

Since the whole population cannot be studied in its entirety for some reasons;

hence a sample was drawn from the entire population which requires one to

generalize across the whole population of study. Purposeful sampling method

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10

was used to draw a sample size of 200 respondents which was drawn from the

four axis of Iba Local Council Development Area namely; Iba Town, Iba

Housing estate, Igbo-Elerin and Agbo-iroko. To ensure fair representativeness,

each town was clustered into units with each unit having about four to five

streets.

RESEARCH INSTRUMENT AND DATA COLLECTION METHOD

Questionnaire method was used to collect data from respondents. The

questionnaire was made up of closed and open ended questions in order to give

respondents choice and freedom in stating their opinion about the determinants,

predictors, or indicators of old people wellbeing.

METHODS OF DATA ANALYSIS

Data collected from the field were properly and carefully checked, grouped and

coded to aid the analysis. Data were pre-tested in a tabular form of both

univariate and bi-variate frequency table. The data was analyzed using the

statistical packages for social sciences (SPSS), chi-square analysis was used to

test research hypotheses.

FINDINGS

Table 1: Socio-Demographic Characteristics of the Respondents

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CHARACTERISTICS VARIABLE

FREQUENCY PERCENT

Sex Male 120 62.5

Female 72 37.5

Total 192 100.0

Age Group 60 – 64 25 13.0

65 – 69 55 28.6

70 – 74 46 24.0

75 – 79 32 16.7

Others 24 12.5

Missing 10 5.2

Total 192 100.0

Marital Status Married 83 43.2

Divorced 11 5.7

Widowed 75 39.1

Others 14 7.3

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Missing 9 4.7

Total 192 100.0

Religion Christian 102 53.1

Islam 66 34.4

Traditional 16 8.3

Others 8 4.2

Total 192 100.0

Ethnic group Yoruba 107 55.7

Igbo 51 26.6

Hausa 14 7.3

Other 20 10.4

Total 192 100.0

Educational

Attainment

Primary 35 18.2

College 71 37.0

Technical 16 8.3

B.Sc. 26 13.5

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Others 44 22.9

Total 192 100.0

Source: Authors field work 2013

INTERPRETATION OF FINDINGS

Table 1 reveals that about three-fifths of the respondents were male

while the rest were female. It also reveals that less than one quarter of

the respondents was between the ages of 60-64 years, less than two

quarter were between the ages of 65-69 years. Finally, more than a

quarter was 75 years and above. The table also reveals that majority of

the respondents were married, as indicated by the above table that more

than two-fifths of the respondents were married, less than one-fifth

were divorced, while less than two-fifths were widowed, Others were

less than one-fifth. The table above also shows that majority of the

respondents were Christians as more than half of the respondents were

Christians while others were Muslims, Traditionalists and others. The

table also disclosed that more than two quarter of the respondents were

of Yoruba ethnic group, while Igbo, Hausa’s and other ethnic groups

constitutes less than two third of the respondents. The table also shows

that majority of the respondents attain secondary school certificate as

one quarter of the respondents were school certificate holders. Less than

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14

one fifth was primary school holders, less than one fifth had technical

education while another one fifth were B.sc holders.

Table 2: Occupational Characteristics of Respondents

CHARACTERISTICS VARIABLE FREQUENCY PERCENT

What sector do you

work?

Public sector 58 30.2

Private sector 53 29.6

Self employed 67 34.9

Others 14 7.3

Total 192 100.0

Position occupied Manager 77 40.1

Admin Officer 24 12.5

Supervisor 32 16.7

Others 59 30.7

Total 192 100.0

Work responsibilities Trading 50 26.0

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Civil servant 21 10.9

Farming 11 5.7

Public servant 48 25.0

Professional 21 10.9

Self employed 22 11.5

Missing 19 9.9

Total 192 100.0

Present job status Active 66 34.4

Inactive 35 18.2

Pensioners 49 25.5

Disengaged 42 21.9

Total 192 100.0

Source: Authors field work 2013

INTERPRETATION OF FINDINGS

Table 2 presents that majority (more than one quarter) of the respondents

were self employed. Respondents who work in public sector were also

more than one quarter. Also More than one quarter of the respondents

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16

worked in private sector, others were are less than one fifth. The table

also reveals that more than one third of the respondents were still

actively working, while less than one fifth respondents were inactive,

one quarter were pensioners, while about one fifth of the respondents

were disengaged.

TABLE 3: Residential Pattern of the Respondents

CHARACTERISTICS VARIABLE FREQUENC

Y

PERCE

NT

Where do you live? Own house 99 49.9

With children 25 13.0

Rented apartment 50 26.0

Family house 18 8.9

Total 192 100.0

Residential pattern A room 28 14.6

A Room & Parlour 114 59.4

Flat 50 26.0

Total 192 100.0

Source: Author’s Field Work 2013

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17

INTERPRETATION OF FINDINGS

Table 3 reveals that about two quarter of the respondent’s lives in their

own house, less than one fifth lives with their children, more than one

quarter of the respondents lives in rented apartment, while less than one

fifth of the respondents live in their family house. It reveals that

majority of the respondent lives in their own house. The table also

reveals that majority (more than three quarter) of the respondents’ lives

in a room and parlour, while less than one fifth lives in a room, about

one quarter of the respondent lives in a flat.

Table 4: Asset Owned and Sources of Income

CHARACTERISTICS VARIABLE FREQUENCY PERCENT

House Yes 128 66.7

No 64 33.3

Total 192 100.0

Land Yes 37 19.3

No 155 80.7

Total 192 100.0

Car Yes 57 29.7

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No 135 70.3

Total 192 100.0

Keke Napep(commercial

tricycle)

Yes 16 8.3

No 176 91.7

Total 192 100.0

Motorcycle Yes 9 4.7

No 183 95.3

Total 192 100.0

Television Yes 173 90.1

No 19 9.9

Total 192 100.0

Radio Yes 161 83.9

No 31 16.1

Total 192 100.0

Others Yes 95 49.5

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No 97 50.5

Total 192 100.0

Source of Income

(Children)

Yes

98

51.0

No 94 49.0

Total 192 100.0

Shares/Stock Yes 31 16.1

No 161 83.9

Total 192 100.0

Pension Yes 58 30.2

No 134 69.8

Total 192 100.0

Profit from Business Yes 123 64.1

No 69 35.9

Total 192 100.0

House rentage Yes 47 24.5

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No 145 75.5

Total 192 100.0

Others Yes 23 12.0

No 169 88.0

Total 192 100.0

Source: Author’s Field Work 2013

INTERPRETATION OF FINDINGS

Table 4 shows that more than two quarter of the respondents has

house(s), while less than one quarter of the respondents do not. The table

also indicates that majority (more than three quarter ) of the respondents

do not have land, while less than one fifth have land. The table revealed

that about one quarter of the respondents have car, while three quarter do

not have car, thus majority of the respondents do not have car. It also

discovered that more than three quarter of the respondents do not have

Keke Napep(Commercial tricycle) while less than one fifth have. The

table also disclosed that majority (more than three quarter) of the

respondents do not have motorcycle while less than one fifth have. The

table also showed that majority (more than three quarter) of the

respondents has television this is because of the commonality of the

household gadget and also the existence of second hand products. It also

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asserted that more than three quarter of the respondents have radio while

less than one fifth of the respondent do not. Thus in spite of its

cheapness and the existence of much cheaper second products, some

elderly persons cannot afford them.

The table also bring to light that more than two-thirds of the

respondents have children as their main sources of income this is

because of the preferences giving to children in African society. While

about two-fifths do not. Less than one fifth of the respondents have

shares/stock as their source of income, while majority of the respondents

(more than three quarter) does not. This is also a function of education

and level of awareness. Pension serves as a source of income for less

than one quarter of the respondents while 69.8% (close to three quarter)

do not receive pension. This is because few are the number of those

gainfully employed in formal activities attracting pension in later life. It

also reveals that profit from business serves as source of income for the

majority (more three-fifths) of the respondents. This is because majority

of the aged are traders

Table 4.1.5: Indicators of Old People Economic

Well-Being

CHARACTERISTI

CS

VARIABLE FREQUENC

Y

PERCENT

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Time eaten daily Three times 114 59.4

Two times 59 30.7

Once 14 7.3

Four times 5 2.6

Total 192 100.0

Education Yes 103 53.6

No 89 46.4

Total 192 100.0

Family size Yes 10 5.2

No 182 94.8

Total 192 100.0

Asset Yes 82 42.7

No

Total

110

192

57.3

100.0

Government Yes 151 78.6

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policy No 41 21.4

Total 192 100.0

Quality of children Yes 118 61.5

No 74 38.5

Total 192 100.0

Old people are

neglected by the

government

Strongly agree 104 54.2

Agree 88 45.8

Total 192 100.0

Old people lack

support from their

children

Disagree 168 87.5

Strongly disagree 24 12.2

Total 192 100.0

Economic well-being

of educated old

people is better than

the uneducated

Strongly agree 11 5.7

Agree

Disagree

170

11

88.5

5.7

Total 192 100.0

People who have less Strongly agree 47 24.5

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to spend on in old

age enjoy more

Agree 101 52.6

Disagree 39 20.3

Undecided 5 2.6

Total 192 100.0

Old people who live

in personal house

enjoy better

economic well being.

Strongly agree 41 21.4

Agree 132 68.8

Strongly Disagree 5 2.6

Undecided 14 7.3

Total 192 100.0

Old people with

educated children

enjoy better financial

support

Strongly agree 70 36.5

Agree 10 52.1

Disagree 11 5.7

Undecided 11 5.7

Total 192 100.0

Educated old people

benefit more from

Strongly agree 52 27.1

Agree 106 55.2

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government Disagree 34 17.7

Total 192 100.0

The more educated a

person is, the better

his/her financial

security in old age

Strongly agree 26 13.5

Agree 136 70.8

Disagree 16 8.3

Undecided 14 7.3

Total 192 100.0

Government has

done nothing for old

people in this

community

Strongly agree 61 31.8

Agree 131 68.2

Total 192 100.0

Pension and gratuity

is enough for the

financial security of

old people.

Agree 10 5.2

Disagree 30 15.6

Strongly disagree 44 22.9

Undecided 108 56.3

Total 192 100.0

Source: Author’s Field Work 2013

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INTERPRETATION OF FINDINGS

Tables 5 showed that more than half of the respondents eat three times

daily, while more than one quarter eat twice daily, less than one fifth eat

once daily. The table also indicated that more than two quarter accepts

education as an indicator of well-being while more than two fifth do not.

This does brings to light that majority of the respondent’s sees education

as an indicator of their economic well being. The table reveals that more

than three quarter of the respondents subscribe to family size as an

indicator of economic wellbeing. This implies that people are becoming

more informed of the effects of over populations on household

resources.

The table further disclosed that more than three quarter of the

respondents accept government policy as an indicator of old people

economic well being while about one fifth of the respondent reject the

proposition that government policy is an indicator of the elderly

economic well-being. The table also conveys that more than two quarter

of the respondents accept quality of children as an indicator of old

people economic well being, while less than two fifth reject quality of

children as an indicator of economic well being. In addition, the table

asserted that more than half of the respondents strongly agree that old

people are neglected by the government.

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The table further indicated that more than three quarter of the

respondents disagree with the belief that old people lack support from

their children. The table also disclosed that old people who live in their

personal house enjoy better economic well being, as more than two third

of the respondents agree to the proposition. This is because of the sense

of security enjoyed by people who lives in their personal house. The

table then revealed that majority (more than two quarter) of the

respondents agree to the proposition that government has done nothing

for old people economic well being in Iba Local Council Development

Area, this implies that if government policies are effective, economic

well-being of elderly people will improve considerably, as less than one

fifth of the respondents agree that pension and gratuity is enough for old

people economic well being. This is because few are the numbers of

aged who in their early life engaged in formal occupation that attract

pension in later life (65 years and above).

TESTING OF HYPOTHESES AND INTERPRETATION OF

FINDINGS

HYPOTHESIS 1

Null hypothesis (Ho): there is no significant relationship between

social policy and elderly economic well-being.

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Chi-Square Tests

Value df

Asymp. Sig.

(2-sided)

Exact Sig.

(2-sided)

Exact Sig.

(1-sided)

Pearson Chi-Square 3.474a 1 .062

Continuity

Correctionb

2.914 1 .088

Likelihood Ratio 3.456 1 .063

Fisher's Exact Test .084 .044

Linear-by-Linear

Association

3.456 1 .063

N of Valid Cases 192

a. 0 cells (.0%) have expected count less than 5. The minimum expected count is

26.05.

b. Computed only for a 2x2 table

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INTERPRETATION

P-value (0.062) is greater than level of significant (0.05). Thus,

Alternative hypothesis (H1) is accepted and (Ho) is rejected. Therefore

there is a significant relationship between social policy and elderly

economic well-being.

Hypothesis 11

Null hypothesis (Ho): there is no significant relationship between level

of education and economic well-being of the elderly.

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INTERPRETATION

P-value (0.63) is greater than level of significant (0.05). Thus,

Alternative hypothesis (H1) is accepted and (Ho) is rejected. This

implies that there is a significant relationship between level of education

and economic well- being of the elderly.

Chi-Square Tests

Value df

Asymp. Sig. (2-

sided)

Pearson Chi-Square .926a 2 .629

Likelihood Ratio .918 2 .632

Linear-by-Linear Association .850 1 .357

N of Valid Cases 192

a. 0 cells (.0%) have expected

count less than 5. The

minimum expected count is

11.33.

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CONCLUSION

Of great important is the issue of economic well-being in later life (60 years and

above). The care provided by family institution in our modern day society is

minimal as capitalism forces both men and women to work neglecting their

government neglected aged. Old age should originally be a time period where

an (individual) aged should enjoy and reflect on how well and satisfied they are

with life.

Causes of economic poverty in old age are complex, growing old is inevitable,

however, little is known about factors that determines the economic well-being

elderly persons living in developing society undergoing constant and rapid

social change. Other than socio-demographic factors, several literatures also

reveal that other factors such as physical and psychological factors have directly

correlation with the economic factors. Economic factor has being reveals to

exact more influence on well-being in old age. Nevertheless, there are

limitations to a definition of quality of life that rest solely on economic and

people’s ability to obtain the marketplace goods and services that they choose.

Economic progress may also not guarantee the other important factors such as

absences of crime. Be that as it may, economic measures shed light on an

individual quality of life in particular and society’s well-being in general. It

reveals how specific factor influence well-being. There so many factors

associated with well-being, hence there are numerous indicators of well-being.

However special attention should be paid to all the indicators exposed by this

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research as they represent the original thought, views and response of the aged.

A well informed opinion about the causes and consequences of poor economic

well-being in old age will be beneficial to the individual members of society

(young and old), as it will help members of society to convey their expectations

to policy makers and also help at individual level by enabling members of

society to attuned to factors that are favourable to the definition of better

economic well-being.

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Asiyanbola, R. A. (2004). Social support/networks, urban condition and

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