The Impact of Health Factors on Financial Security among the Thai Elderly: in 2002 and 2007

Abstract

As sharp declining in fertility together with rising life expectancies, Thailand rapidly becomes an aging society without preparing financial support. The elderly need financial security to ensure their living. This study aims to explore factors affecting financial security among the Thai elderly, measured by the official poverty line (10,000 Baht in 2002 and 20,000 Baht in 2007). The data were derived from the 2002 and the 2007 National Survey of the Older Persons in Thailand. Results showed that the elderly, in general, had more financial security while some subgroups had less economic security, such as female, oldest old, attained less than primary school, not living in Bangkok, offspring giving care for daily living. Interestingly, health factors were in terms of self reported health status, physical functionality, and chronic disease, they were important factors affecting financial security of the elderly. The findings suggest that the elderly’s health affected their financial security due to declining physical health with older age. Thus the elderly should prepare specific financial and health self support as well as family support. The government should design employment policies for the elderly to support themselves and policies to support the oldest old (80 years and over) and poor health who are economically vulnerable.