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Caregivers Fear Seniors Unprepared to Manage Finances
Tuesday, July 21, 2015 6:45 AM

According to a recent survey by the National Association of Area Agencies on Aging, the National Council on Aging (NCOA), and UnitedHealthcare, only 3 percent of professional caregivers are “very confident” seniors will be able to afford their health care costs as they age, while 43 percent of seniors themselves said they would be able to. Only 19 percent of “older adults,” said they believed they will need support managing finances as they age, while 86 percent of professionals said they would.

In general, the survey found that both older adults and the people who care for them believe seniors are prepared for the aging process overall, with 86 percent of older adults and 77 percent of caregivers reporting that they feel seniors are prepared to age. However, older adults feel much more confident about their own prospects than do the people who serve them, as 42 percent of seniors said they were “very prepared” to age, compared with only 10 percent of professionals.

“As the professionals we surveyed know, we’re living longer lives than our parents and grandparents, which means our retirement income has to stretch further,” said James Firman, NCOA president/CEO. “We urge older Americans to plan ahead, get educated, and access all resources available to them so they can remain economically secure.”

“The findings remind us of how valuable these different perspectives are and the importance of addressing many concerns simultaneously to ensure we all fully support the rapidly growing senior population,” said Rhonda Randall, chief medical officer, UnitedHealthcare retiree solutions.