BusinessOver 30% of Seniors in the US Have a Hard Time Paying...

    Over 30% of Seniors in the US Have a Hard Time Paying Their Bills: Why

    According to a recent analysis of US Census data. more than 30% of older adults have difficulties covering their expenses and pay your bills compared to a year ago.

    Although the steady increase in the prices of food, basic services, goods, mortgage rates and rent due to inflation have affected a large part of the families Americans, currently not all groups face the problem equally.

    According to the study, the elderly, workers or retirees have experienced more financial difficulties, the data revealed that people between the ages of 55 and 65 found it difficult to keep up with their payment obligations.

    Read Also:   Columbus Day: The best deals on home, tech, fashion and more

    For Charlie Wise, TransUnion’s senior vice president and director of global research and consulting, “many baby boomers are retired and on a fixed income, and can’t keep up with inflation in the same way as young consumers,” he said while mentioning that this generation “does not face the prospect of material wage increases or new jobs that will put more money in their pockets,” he said.

    After two years of inflation, the pressure facing the average American household is reflected in their budget, the most affected are the elderly who have been left behind unlike the youngest who seek alternatives to the economic crisis.

    Read Also:   A Chick-fil-A Branch Bans Unaccompanied Teens: Why

    Only 34% of people between the ages of 25 and 40 have difficulty covering their expenses and paying their bills while 39% of adults ages 40-54 struggle to keep up with their financial obligations.

    A TransUnion report stated that 3 out of 10 baby boomers expect their income to increase in the next 12 months compared to nearly 7 in 10 millennials and Gen-Zers. “For older consumers, a large portion of their income goes into non-discretionary things, like health care costs, which is why more of them have problems,” Wise explained.

    Read Also:   Inflation will increase the price of Halloween candy by 34%, according to PayPal

    Keep reading:

    Source: La Opinion

    This post is posted by Awutar staff members. Awutar is a global multimedia website. Our Email: [email protected]


    Please enter your comment!
    Please enter your name here

    eighteen − ten =

    Subscribe & Get Latest News