NCOA analysis shows Hispanic older population bearing brunt of recession
Arlington, VA (May 21, 2020) – The National Council on Aging (NCOA), a trusted national leader working to ensure that every person can age well, is warning that while the financial hardships created by the COVID-19 pandemic will impact the economic security of all older adults, it will disproportionately hurt Hispanics over age 60.
That is the sobering conclusion of a recently published issue brief from NCOA and the LeadingAge LTSS Center @UMass Boston that looks at historical data from the 2008 recession and applies those findings to today’s economic and public health crisis.
“All groups over age 60 will experience significant decreases in total net wealth, but without question, the Hispanic population will experience the most dramatic declines,” said Dr. Susan Silberman, NCOA Senior Director, Research & Evaluation. “Hispanic older adults have lower and relatively non-growing household incomes, making them particularly vulnerable and most likely to have the largest proportion of individuals fall below the poverty line.”
Out-of-pocket expenses are also a factor, the data show. While out-of-pocket medical expenses were highest for Non-Hispanic Whites during the period 2006 to 2010, these costs grew the most for Hispanics at 33% compared to just 10% for Non-Hispanic Whites and 11% for African Americans. Hispanics over age 60 also are between 1.1 and 1.3 times more likely to have multiple chronic conditions, 1.4 to 2.1 times more likely to have depression, and roughly 6 times more likely to have cognitive impairment than the other racial/ethnic groups.
“This analysis underscores the importance of looking beyond simple averages to identify those groups
who may be particularly hard hit by the COVID-19 pandemic,” Silberman said. “It is critically important to maintain a strong social safety net and undertake policies that focus on narrowing financial disparities across racial and ethnic lines.”
The full issue brief, Potential Financial Impacts of the COVID-19 Pandemic on Minority Older Adults, is available online, along with its companion issue brief Economic Insecurity for Older Adults in the Presence of the COVID-19 Pandemic.
The National Council on Aging (NCOA) is a trusted national leader working to ensure that every person can age well. Since 1950, our mission has not changed: Improve the lives of millions of older adults, especially those who are struggling. NCOA empowers people with the best solutions to improve their own health and economic security—and we strengthen government programs that we all depend on as we age. Every year, millions of people use our signature programs BenefitsCheckUp®, My Medicare Matters®, and the Aging Mastery Program® to age well. By offering online tools and collaborating with a nationwide network of partners, NCOA is working to improve the lives of 40 million older adults by 2030. Learn more at ncoa.org and @NCOAging.