According to the results of a recent poll from the MetLife Mature Market Institute, more than 50% of American’s over the age of 60 are calling today’s economic conditions the worst they have ever experienced. The results of the poll also show that an overwhelming majority of this group is feeling the pinch in today’s current economy and that it has affected the way they spend their money, but not their plans for retirement.
In Feeling the Economic Pinch: A MetLife Poll of Americans 60+ found that:
- 87% of respondents said they are curtailing their spending.
- 70% are cutting back on essentials like food and transportation.
- 82% are spending less on non-essentials like dining out and vacation.
- 17% report having had to provide more financial assistance to family and/or friends as a result of the current economy.
“There is no doubt that older Americans are being adversely affected by the current situation,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute. “A closer look at the findings shows that women are tightening their spending habits more than men, and not surprisingly those who earn less are cutting
back even more.
“While there have been serious economic downturns in the past, it is clear that this group of people over 60 feel particularly vulnerable during this time of their lives. Yet, it appears that they are not, at this point, changing their longer range retirement plans.” Of those who are working, 73% said they would not postpone their planned retirement date because of the current economy. Only 16% of all respondents are withdrawing or plan to withdraw more from their retirement funds than they originally planned.
If you want to read the rest of the poll results click the link below.