Older Americans faced more financial challenges during Covid than in other wealthy nations

older americans faced more financial challenges during covid than in other wealthy nations

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.

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