STAY PUT WITH YOUR INVESTMENTS

Senior citizens, protect yourself by practising financial isolation, advises Sampath Iyer, a retired senior vice president from a large private sector bank.

Senior citizens of the country are in for a serious long-term haul. They are the most vulnerable category to be affected by the coronavirus. On the one hand they are stuck at home and are totally at the mercy of their family members with absolutely no freedom. Secondly, they are emotionally burdened with the tragedy of perceived financial loss. But senior citizens in our country can survive this colossal threat with age-old traditions followed by them all these years. Washing of hands and feet on coming home from outside, simple living, avoiding outside food, practicing yoga, meditation, spiritual prayers, morning and evening walks, etc. are the greatest assets that will help them to tide over these testing times.

However, the biggest threat they face at present is the constant worry and mental stress about their deteriorating financial investments and failure of banks where they have invested their lifelong savings. Senior citizens who have their savings in post offices and fixed deposits of PSU banks may have some comfort but all those who have invested their hard-earned savings in bonds, mutual funds, and equity markets are the ones who will be hit very hard.

They will see the following effects: