This, coupled with family needs, has seen them seek more loans to offer a helping hand to their family members hit hard by Covid-19. A new report shows that 35 per cent of pensioners had taken a loan in 2020, with the highest number of borrowers in this category taking loans from mobile apps. The most common sources of loans were mobile loaning apps, which had offered 26 per cent of the loans, followed by commercial banks at 23 per cent. The money borrowed by the elderly, the report noted, was mostly used to assist their family members and support their businesses during the coronavirus pandemic. “The highest expenditure was support to family members - indicating the high elderly dependency ratio in the country,” noted the report.

Source: Standard Digital July 06, 2021 06:00 UTC