Sumary of Older Americans faced more financial challenges during Covid than in other wealthy nations:
- Older Americans were more likely to suffer pandemic-related economic difficulties compared with older citizens of other wealthy countries, according to a new survey from the Commonwealth Fund.
- The percentage is nearly seven times higher than Germany, where 3% of older adults reported economic difficulties.
- Latino and Black Americans had higher rates of economic difficulties compared with white Americans, with 39% of Latino Americans and 32% of Black Americans reporting hardships compared to 14% of White Americans.
- “Despite having health insurance, older adults in the US face far greater economic challenges from Covid-19 compared to their counterparts in other high income countries,” Reginald Williams, lead author of the survey, told reporters in a press call.
- The survey confirms what has long been known about the racial wealth gaps in the US, especially among older Americans.
- An April 2021 report from the Congressional Research Service reported that 18% of elderly Black Americans and 17.1% of Hispanic Americans were in poverty in 2019, compared to 6.8% of non-Hispanic White Americans.