Savings to kickstart their business
In rural areas, most older women dip into their savings (63 per cent) to launch a business, with just 16 per cent taking a loan to start a business. Most older women entrepreneurs did not take loans for their business needs in the last 12 months, mainly because they did not want to be burdened by debt. This indicates that the absence of loans is their own choice.
Limited support from family
Society perceives older women to have limited abilities and lack business development expertise. Additionally, older women encounter limited support from their family to continue working, primarily driven by concerns for their health and wellbeing.
Economic barriers to business
Older women entrepreneurs face many economic barriers in running their businesses, especially limited market demand and higher competition.
Additionally, due to the COVID-19 pandemic, consumers have changed their buying habits. As the markets become quieter, older women entrepreneurs have experienced a decline in sales.
They also face intense competition from younger rivals who have more energy and excel at performing tasks swiftly and efficiently. As a result, older women feel a sense of helplessness, recognising limitations in what they could do.
Unsafe working environment
About 50 per cent of the older women entrepreneurs have an unhealthy business location and are not using any personal protective equipment. The majority undertake physically burdening business activities.
Financial benefits
Most older women entrepreneurs (89 per cent) have low income. However, almost all agree that their businesses provided financial benefits. And so, they often endure challenging working conditions when running their businesses.
Emotional effects
The proportion of older women entrepreneurs who feel sad/burdened is high for those who work outside their home. They might be worried about their safety, especially because of unfavourable conditions like bad weather.
But, thanks to their business, social connections are forged as well. A trader at the market explained that interacting with other people makes her job more enjoyable.
She said: “It is nice when customers keep coming to my kiosk, either to buy or just to chat with me. They also give an update about what is happening right now.”
Low social protection
65 per cent of older women entrepreneurs in the study are not saving for retirement. This is concerning because only 8.52 per cent of older people’s households in Indonesia have a pension guarantee.
HelpAge and partners in Indonesia distributed food and hygiene kits during COVID-19.
