Financial Independence and Seniors | Elderly companionship services in the U.K.

Financial independence is a critical element of one’s life. 

According to one of the popular elderly companionship services in the U.K. “The age between 60 to 65 is referred to as the golden years of seniors, as they are now able to retire and live a stress-free and independent life- only if they have enough finances to do so. But still, not many people know the benefits of living a financially independent life.”

We have created this post to tell you some prominent benefits of why seniors should live a financially independent life. So stay tuned and keep reading…

Financial freedom

With financial independence comes financial freedom. This means that the seniors won’t really be answerable or questioned regarding their income or expenditure. This is because they are providing for themselves, and this thought can be immensely empowering for them.

More security

Sense of security is one of the most basic needs of humans. Being financially independent does its part by providing a sense of security to seniors. Depending on others financially can be both challenging and frustrating, and can hold anyone back from living a stress-free life.

Being able to make their own choices

Seniors, just like every individual, must be able to make their own decisions. This ability to speak for themselves and live by their own rules and decisions can have a considerable positive impact on their lives. 

By having the power of making their own decisions and choices, seniors will feel more sane and human. Because the truth is, if an individual used to live his/her life based on their own beliefs and perceptions, why not after retirement?

Therefore, if a senior starts living while depending on someone else, and has someone else make decisions and choices for them, they will face some serious mental health concerns. This may include anxiety, stress, depression, and so on. This is why seniors should have control of their own life, which can be achieved majorly through financial independence.

Have a sense of purpose

Independence, especially financial independence, gives meaning and purpose to one’s life. This is because, with enough finances, seniors can live a life they want to, travel wherever they want to, and purchase whatever they want to.

Without enough finances, they will live a meaningless life, and will thus feel more isolated this way. Isolation can further lead to more mental health concerns, which can negatively impact the emotional and physical well-being of any individual. 

Moreover, it could lead to loneliness, depression, anxiety, anger-management issues, and more. Also, they won’t be able to avail opportunities for achievement, or even contribute to the lives of their loved ones.

By being financially independent, seniors can also set some specific goals in their life this way. These goals will be in the form of challenges to seniors, and when they actually achieve them with their finances, they will have that sense of accomplishment and fulfillment. This is what is going to boost the self-esteem and confidence of these seniors.

Decreases the burden on the family

As seniors age, they feel more of a burden on their families. This might be because of two main reasons- their age which means a greater need for help and assistance in everyday tasks, and the other being finances.

But, seniors don’t really have to be a burden on their family loved ones if they are financially independent themselves. 

Being a burden on someone, especially if we talk about finances, can be daunting. Not only does it impact your mental health, but you have this constant feeling of being useless. 

Therefore, seniors taking care of most of their expenses will make them feel more at peace and ease, as they know they’re not putting extra load on their loved ones.

Seniors can help others in need

Being financially independent means you can assist other individuals who are deprived of what you have. In this case, seniors can assist other individuals who are in need of money. This also includes giving away to charity or any other good cause. This sense of helping others is going to uplift the seniors and make them feel happy and content.

Pursue passions

Who says seniors, especially after retirement, can not have dreams and passions to pursue? After retirement, seniors have plenty of time on their plate, and having enough finances makes it even better.

Everybody has dreams and passions to pursue, seniors included. Therefore, having enough finances to pursue some passions they always wanted but never had enough time or money to, can easily be pursued when they are financially independent. 

This can include various things, such as going on world tours, practicing some exciting sport, enrolling in a golf club, starting a small business they always dreamed of, or literally anything they wished to do.

All this would only be possible if seniors had enough finances to finance themselves.