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- Population aging presents numerous challenges, such as a reduced fiscal balance, changes in the savings patterns of households, and higher age dependency ratios. These consequences are evident for older individuals, the government, and the economy at large. This study examined the impact of population aging on the economic growth of South Africa, studying the King Cetshwayo District Municipality specifically. A panel data set for the period 2002-2020 by Quantec Easy Data was used for the study. A FE regression model was used to examine the relationship between economic growth (GDP per capita), population aging, savings, education, and other independent variables. The findings from the panel data analysis revealed that population aging negatively affects economic growth only in the short run but not in the long run. Also, other factors like education, savings, and income affected economic growth in the King Cetshwayo District Municipality. This study recommends a transformation in the country’s savings by educating the population about the importance of savings in order to improve GDP per capita and the economic wellbeing of the people.
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- Studying the impact of aging on GDP per capita does not give a clear picture of the economic wellbeing of elderly people. GDP per capita does not cater for people’s level of development or improvements in their standard of living. As a result, it is not a reliable measure of wellbeing. Each person has a different perspective regarding their economic wellbeing, and as a result, this study examines the impact of population aging on the economic wellbeing of the elderly in the King Cetshwayo District Municipality. A cross-sectional data set consisting of one hundred and fifty (150) participants was utilized to explore the determinants of economic wellbeing. Househeads aged 60 and above were asked questions about their demographics, level of education, asset ownership, and affordability of basic needs. The logistic regression model was used to examine the relationship between economic wellbeing and independent variables like age, gender, level of education, household savings, and other variables. The findings revealed that population aging does not affect the economic wellbeing of the elderly. Economic wellbeing was found to be determined by factors such as gender, education, health care expenditure, household savings, and increases in price levels.
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