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.
In a survey taken by adults 65 and older in 11 of the world’s wealthiest nations, 19% of US adults reported using up all or most of their savings or losing sources of income during the pandemic – the highest percentage of any country. The percentage is nearly seven times higher than Germany, where 3% of older adults reported economic difficulties.
The gap was even more pronounced when the survey results were disaggregated by race. 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…