Financial Stability And Life Satisfaction Among The Rural Elderly In Handloom Weaving Community

Abstract

This paper examines the relationship between financial stability and life satisfaction among the elderly in Kanyakumari's handloom weaving community, highlighting its crucial role in ensuring their well-being. Financial stability is measured in terms of various dimensions which include income security, expenses and debt management, savings and emergency preparedness, access to financial services, financial independence and opportunities. Life satisfaction among elderly handloom weavers was influenced by economic stability, health and well-being, social relationships, sense of purpose, environmental satisfaction, and job satisfaction. A descriptive research design was used to assess the financial stability and life satisfaction among the 113 weaving elderly in the selected villages of Kanyakumari District. The results showed that about two thirds (63.7 percent) of the respondents had a low level of financial stability and half (51.3 percent) of the respondents had a low level of life satisfaction. There is a significant association between financial stability and life satisfaction among the elderly in the handloom weaving community. In conclusion, activities for educating senior weavers about financial planning and obtaining government assistance; creating community centres where senior citizens may socialize, exchange stories which are legendary, and get mental health therapy. In addition, to preserve the craft and the older weavers who instruct younger generations a source of income to enhance their financial security and life satisfaction, it is important to make sure they are covered by government-sponsored health insurance programs and to offer financial incentives to them.