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What? Me Worry?
Seniors May Be Broke But
They Dont Worry About It
March 30, 2004 Seniors
(60+) are more likely that others to be broke but they are much less
likely to be seriously worried about it, according to a new study.
The December 2003 survey
of debt-stressed individuals who contacted InCharge(R) Debt Solutions
last year shows that only two in ten (21 percent) debt-stressed seniors
feel "overwhelmed" by their current financial situation -- significantly
lower than their younger counterparts (36 percent). Senior men feel
even less stress, with only 11 percent reporting feeling "overwhelmed.,
according to InCharge(R) Education Foundation, Inc., the education arm
of InCharge(R) Institute of America, a non-profit organization
specializing in personal finance education and credit counseling.
Seniors are also less
likely to suffer health problems caused by financial stress. Nearly
half as many debt-stressed seniors (19 percent) reported stress-related
symptoms, such as depression, insomnia, or headaches, as compared with
younger people (31 percent).
Although they have a
greater ability to cope with stress, older Americans still carry a
greater financial burden. Sixty-two percent of debt-stressed seniors
are financially insecure about retirement, and only 23 percent of those
already retired believe they will have enough money to last. A full 42
percent of debt-stressed seniors worry they will become homeless.
One-third (35 percent) has considered filing for bankruptcy.
"Older Americans today are
facing serious financial challenges -- challenges their parents'
generation did not face -- being forced into 'early retirement,' falling
into easy credit traps, relying on pension for retirement that just
isn't there anymore," explains Rebecca Stiehl, president of InCharge
Education Foundation. "But despite these obstacles, this generation
takes things in stride. Life experience has taught them to keep things
in perspective."
Health problems are the
largest source of financial problems for seniors (57 percent). Four in
ten debt stressed seniors (43 percent) specifically blame a serious
illness or injury. Other causes of financial problems include
retirement (28 percent) and death of a spouse (17 percent).
Headquartered in Orlando,
Florida, InCharge(R) Institute of America, Inc. is a national non-profit
organization specializing in personal finance education and credit
counseling. The InCharge Institute family includes InCharge(R) Education
Foundation, which publishes YOUNG MONEY(R) magazine and Military
Money(TM) magazine and offers basic financial management education to
clients and the general public, and InCharge(R) Debt Solutions, which
provides professional credit counseling and education services. For
additional information, visit
http://www.InCharge.org. |
