MINNETONKA, Minn. (7/21/15)--Professional caregivers have grave concerns about seniors and their ability to manage their finances, according to a recent survey by the National Association of Area Agencies on Aging, the National Council on Aging (NCOA) and UnitedHealthcare.
A mere 3% of these professionals said they were “very confident” seniors could afford their health care costs as they age, while 43% of seniors themselves said they would be able to.
Further illustrating the disconnect, only 19% of seniors, or “older adults,” said they believed they will need support managing finances as they age, while 86% of professionals said they would.
“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.”
In general, both older adults and the people who care for them said they believed seniors are prepared for the aging process overall, the survey found, with 86% of older adults and 77% 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% of seniors said they were “very prepared” to age, compared with only 10% of professionals.
“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.