Living Standard, Living Level and Economic Wellbeing of Older Persons: Similarity and Differences in Measuring These Concepts

The number of older persons is increasing throughout the world and the consequences of ageing population; specifically in economics of aging was deserved to be being attention. The main issue in economics of aging is the way in indentifying the economically vulnerable group and how the allocate government’s limited resources to the needed group. However, various methods, either using objective approach (income, consumption, net flow, net worth) or subjective approach (self-rated income adequacy, perceived financial satisfaction) were employed to identify the vulnerable group. This paper aims to link concept of economic status, economic well being with living level and living standard. It recommended that those who want to study the concept of economic well being should start from the understanding of living level and living standard.