SENIORS: THE ECONOMY OF WEALTH

Feb 5th, 2012 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

Understanding Basic Economics

We senior citizens need to look at a very direct relationship that we might not always acknowledge.  That is the reality that a healthy national employment figure contributes to the financial well-being of everyone, including seniors.  What is the relationship?

First, when more people are working and prospering, there is less need for assistance for those out of work needing help.  That’s pretty direct, and not too difficult to understand.

Another not-too-difficult explanation is that when the unemployment rate is very low, more people are spending more money and that always  boosts the GNP and the economy as a whole.  This is all basic economics.

But there is another less obvious relationship.

Emotional and Spiritual Well-Being and Wealth

Unemployment takes a huge toll on the human being who is out of work.  Particularly so for those who lost their jobs due to the declining economy, and through no fault of their own.  One of the top 10 concerns of seniors is finances–that of their own as well as that of the country.  But loss of income isn’t the only kind of poverty we are talking about with the unemployed.

People who search for employment day after week after month begin to lose self-confidence and self-esteem. The result is a very large group of people in our country whose buckets are very empty, financially and emotionally and spiritually.  Poverty that comes from inadequate income is compounded seven-fold by emotional and spiritual poverty.

I don’t know about you, but when I see people with those empty buckets solely because they got caught in the economic downturn, my heart aches.  A lot of us take seriously that biblical admonition, I am my brother’s keeper. We seniors are the ones who actually have the time to do something about it.

There are a variety of services and programs available to address the poverty we’re talking about here.  They exist in every community.  They offer food, shelter, clothing and job-search options for the unemployed.  And those agencies are always looking for volunteers to help them, because it means more money is available to spend on helping the jobless rather than paying a salary.

So what does this have to do with senior citizen finance?  Wealth isn’t just money; it comes in many different shapes and forms. I submit to you that when your brother’s emotional and spiritual poverty is ameliorated because of your helping hand, your emotional and spiritual wealth grows; your bucket gets fuller.  And that is the kind of wealth you can’t buy.  It’s called Grace.



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  1. [...] cut for millions of workers in America.  It also continued benefits for unemployed workers.  As SeniorCitizenJournal.com has said previously, when American workers are employed and making an income, everyone prospers.// “Under the [...]

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