World

Older Americans faced more financial challenges during Covid than in other wealthy countries.U.S. economy

Older Americans were more likely to suffer from pandemic-related financial difficulties than older people in other wealthy countries, according to a new study by the Commonwealth Fund.

so Research 19% of US adults, consumed by adults aged 65 and over in 11 of the world’s wealthiest countries, reported that they ran out of all or most of their savings or lost their source of income during the pandemic. This is the highest percentage in any country. That percentage is almost seven times that of Germany, where 3% of older people report financial difficulties.

The gap became even more pronounced when the findings were categorized by race. Hispanic-Americans and Black-Americans have a higher rate of financial difficulty than White-Americans, with 39% of Hispanic-Americans and 32% of Black-Americans compared to 14% of White-Americans. Reported difficulties.

“Despite having health insurance, older people in the United States face far greater financial challenges from Covid-19 than those in other high-income countries.” The lead author of the study, Reginald Williams, said at a press conference.

This study confirms that there has long been known about the racial wealth gap in the United States, especially among older Americans. April 2021 report In 2019, 18% of older black Americans and 17.1% of Hispanic Americans were in poverty, compared to 6.8% of non-Hispanic white Americans, according to a report by the Parliamentary Investigation Bureau.

The study also found that older Americans with multiple chronic health conditions were slightly more likely to cancel or postpone their health appointments due to a pandemic, with 37% reporting interruptions in their care. I found that. Also, older Americans were more likely than respondents in most other countries to report that they did not receive the support they needed for their daily activities during the pandemic.

Older Americans are eligible for government medical and social security support from Medicare, but many older Americans have problems paying invoices, especially medical costs that are not fully covered by Medicare. I have.

Researchers behind the study will work to reduce care barriers for older Americans, including improving affordability and access to primary care and significantly strengthening social services to address inequality, with US leaders working to reduce care barriers for older Americans. It is recommended.

“The health and financial safety of older people in the United States is only improved when our leaders address these disparities and ensure that affordable and equal care reaches all Americans. “Williams said.

The Federation of Senior Citizens, a group that defends older Americans, campaign To distribute a fourth round of stimulus checks worth $ 1,400 only for older Americans who are recipients of social security. Americans over the age of 62 are eligible for social security. NS Research According to reports from the organization, one-third of American retirees used emergency savings during a pandemic, and 19% visited food pantry and applied for food stamps.

Older Americans faced more financial challenges during Covid than in other wealthy countries.U.S. economy

Source link Older Americans faced more financial challenges during Covid than in other wealthy countries.U.S. economy

Back to top button