(Washington D.C., Tuesday, February 12, 2019) – Eighty-three percent (42 million) of the estimated 50 million low- to moderate-income people over the age of 50 in America are struggling with some or all of the components of their financial lives, according to new report by The Center for Financial Services Innovation (CFSI), released together with AARP Foundation, a national leader in the fight to end senior poverty.
“Redesigning the Financial Roadmap for LMI 50+ Segment: New Financial Challenges and Opportunities” offers an in-depth look at the increasing financial insecurity of low- to moderate-income people over age 50 (LMI 50+) and the major factors contributing to a more complex financial reality for them than for past generations. The study also found that many in this cohort would like to retire but cannot, while others have been forced to leave the workforce due to illness or a disability.
The financial challenges facing so many LMI 50+ individuals represent both an urgent need and a substantial opportunity for financial services providers to offer better products, programs and tools. According to report findings, LMI 50+ desire relevant, actionable financial education and coaching for everyday financial management.
The new report underscores the difficult financial situation facing so many older adults in America, especially those in the low- to moderate-income range. With an increasing number of seniors living in or on the brink of poverty and finding they have to keep working beyond the traditional age of retirement in to make ends meet, it’s incumbent on financial institutions and organizations such as AARP Foundation dedicated to solving the problem of senior poverty to develop new and scalable solutions to help older adults increase their economic opportunities — to recover and maintain financial security.