Recession Economic Impact Financial Information Benefit Programs
Recession - Economic Impact - Financial Information - Benefit Programs
Community Impact
Faced with the extraordinary impact of this economy, African Americans age 45+ are more likely to turn to family or the community for assistance, and are more likely to help family members and friends cope with financial hardships.
Eighteen percent had a child move in for financial reasons, and 44 percent helped a child pay bills or expenses. Almost one in five (18 percent) helped a parent pay for basic necessities. African Americans age 45+ were more than twice as likely as all Americans in that age bracket 45+ to seek financial assistance from family, friends, charities and churches (28 percent vs. 13 percent).
Many have been forced to make increasingly difficult decisions in an attempt to cope with the economic downturn —— decisions that may have serious long-term consequences. A third (34 percent) stopped putting money into a , IRA or other , and a quarter (26 percent) prematurely withdrew funds from their retirement "nest eggs" to pay for living expenses, including mortgage or rent, health care, education expenses, and for other reasons. More than three in (31 percent) have cut back on their medications, and 28 percent have carried a higher balance on their during the past 12 months. Next:
Improve Your Situation While some African Americans may have the luxury of friends and family to help, others may not be so fortunate. Here are a few potential strategies that can help you improve your financial situation and turn things around. Use benefit programs. Explore what public and private benefit programs exist that can help you weather this financial storm. You may qualify for benefits to help to pay for food, utilities, health care, and medicine with , our easy online screening tool. Cut costs. Look for and you could save hundreds of dollars a month. Cut your spending and stick to a budget before tapping into your retirement savings. Seek financial information. Investigate what may be available. Use these resources to build financial security. While a number of websites offer good financial information, many African Americans age 45+ are not taking advantage of them. According to the , only one in 10 (11 percent) consulted online resources about financial planning. Enhance job skills Learn more about AARP job fairs, the National Employer Team, and the program. African Americans studied were more likely than the general population to . Thirteen percent have enrolled in training to qualify for different types of job, and 18 percent have attended job fairs to enhance their career or. See also: Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures
Recession Strongly Affects African Americans
Improve your financial situation through benefit programs and learning new skills
Related
A recent AARP survey finds that, compared to the general population, nearly twice as many African Americans age 45+ have lost a job (18 percent vs. 10 percent). Over the last 12 months, a third (33 percent) had problems paying rent or mortgage; 44 percent had problems paying for essential items, such as food and ; and almost one in four (23 percent) lost their employer-sponsored .Community Impact
Faced with the extraordinary impact of this economy, African Americans age 45+ are more likely to turn to family or the community for assistance, and are more likely to help family members and friends cope with financial hardships.
Eighteen percent had a child move in for financial reasons, and 44 percent helped a child pay bills or expenses. Almost one in five (18 percent) helped a parent pay for basic necessities. African Americans age 45+ were more than twice as likely as all Americans in that age bracket 45+ to seek financial assistance from family, friends, charities and churches (28 percent vs. 13 percent).
Many have been forced to make increasingly difficult decisions in an attempt to cope with the economic downturn —— decisions that may have serious long-term consequences. A third (34 percent) stopped putting money into a , IRA or other , and a quarter (26 percent) prematurely withdrew funds from their retirement "nest eggs" to pay for living expenses, including mortgage or rent, health care, education expenses, and for other reasons. More than three in (31 percent) have cut back on their medications, and 28 percent have carried a higher balance on their during the past 12 months. Next:
Improve Your Situation While some African Americans may have the luxury of friends and family to help, others may not be so fortunate. Here are a few potential strategies that can help you improve your financial situation and turn things around. Use benefit programs. Explore what public and private benefit programs exist that can help you weather this financial storm. You may qualify for benefits to help to pay for food, utilities, health care, and medicine with , our easy online screening tool. Cut costs. Look for and you could save hundreds of dollars a month. Cut your spending and stick to a budget before tapping into your retirement savings. Seek financial information. Investigate what may be available. Use these resources to build financial security. While a number of websites offer good financial information, many African Americans age 45+ are not taking advantage of them. According to the , only one in 10 (11 percent) consulted online resources about financial planning. Enhance job skills Learn more about AARP job fairs, the National Employer Team, and the program. African Americans studied were more likely than the general population to . Thirteen percent have enrolled in training to qualify for different types of job, and 18 percent have attended job fairs to enhance their career or. See also: Cancel You are leaving AARP.org and going to the website of our trusted provider. The provider’s terms, conditions and policies apply. Please return to AARP.org to learn more about other benefits. Your email address is now confirmed. You'll start receiving the latest news, benefits, events, and programs related to AARP's mission to empower people to choose how they live as they age. You can also by updating your account at anytime. You will be asked to register or log in. Cancel Offer Details Disclosures