We reported yesterday that the over 65s were the fastest growing bankruptcy demographic in the country. Today we reveal that the over 50s arent immune either, as new reports say that people of this age are beginning to seriously worry over their retirement funds.
Studies show that many older adults are paying for the basics, like food and medicine with credit cards because income has either shrunk or is non-existent. State agencies have noticed this and are trying to take steps to help.
Cleveland, for example, is trying to bring all these agencies under one roof.
Eight locations across the country were chosen as pilots for the Economic Security Project. It's a program that brings together agencies to work with the senior and a case manager on a program to stay financially fit for the future.
"If they need assistance with grandparents caring for grandchildren, if they have health issues, if they have home repair concerns we do a wrap around holistic approach with our case management services," Cleveland Department of Aging Director Jane Fumich explained.
Agencies like Consumer Credit Counseling Service joined the cause. It's a fit that works because it has seen an increase in demand for their budget counseling. A few years ago, it didn't get any requests for help from older adults. Today, that population makes up 10 to 15 percent of their clients.
"That's a group that's really getting tapped and requested from grandchildren, nieces, and nephews," Area Director for Consumer Credit Counseling Service Jay Seaton said.
Seaton said instead of saying "yes" to that request for help, send the family member to credit counseling. Have them set up a budget.
"So legitimately they can come back and say I've taken some steps to deal with my finances now Grandma or Grandpa can I have some dollars.
