Today's Date: May 12, 2021
Gaby Natale Keynotes for P&G Women Offsite Annual Event   •   United States Cannabis Council Becomes Responsibility.org Corporate Partner   •   The Latin Recording Academy® Announces Leadership Changes in Preparation for Growth Opportunities   •   SYNNEX Corporation Announces 16 Executives Named to CRN Women of the Channel with Two Names Added to the Power 100   •   Women In Trucking Association Names Eliacostas the 2021 Distinguished Woman in Logistics   •   Resource Innovations Welcomes Nexant to the Team, Creating a Powerful Organization to Drive Energy Innovation and Diversity   •   $330K Subsidy Will Help Gateway CDC Build Affordable Housing in Yazoo City   •   Nemours Name Change Reflects Bold Strategic Direction to Redefine Children's Health   •   The Senior Living CaRES Fund celebrates one-year anniversary with new donors and further endowments   •   Meta Special Aerospace Supports Veterans with Employee-Led Fundraiser   •   btwn Launches 'Support AAPI Restaurants' to Help AAPI Community in NYC   •   Henry Schein Commits to Advance ESG Stewardship   •   P&G and GLAAD Announce “The Visibility Project” and Release New Research to Advance LGBTQ Visibility in Advertis   •   AARP Urges Older Americans Struggling to Access and Afford High-Speed Internet to Enroll in New Emergency Broadband Benefit Prog   •   Susan G. Komen® and American Bone Health™ Unite on Campaign to Empower Women Through Healthy Living   •   COLA for 2022 May be 4.7% According to Study by The Senior Citizens League   •   Universal Media-Analytics Partners with Deeter Gallaher Group to Launch New Podcast Series Titled GRIT & GRAVITAS   •   Wienerschnitzel Continues Its Record-Breaking Sales in 2021   •   Analytics Insight Names ‘The 10 Most Impactful Women in Technology’ in May 2021   •   Plymouth Rock Assurance and Slippery Rock University Alumni Association Align to Launch New Insurance Discount Program
Bookmark and Share

MINORITY SENIORS' PLIGHT

 

 
Waltham, MA—Millions of African-American and Latino seniors are living on the edge of
financial collapse, according to a new report, Severe Financial Insecurity among African
American and Latino Seniors. Released today by the Institute on Assets and Social Policy
(IASP) at Brandeis University and the public policy organization, Demos, the report finds that
African American and Latino seniors face widespread financial insecurity during retirement, a
trend accelerated by the current economic crisis. According to the study, 9 in 10 senior
households of color lack sufficient resources for long-term economic security.
 
Painting a daunting picture, these findings are a result of analysis utilizing the Senior Financial
Stability Index (SFSI), a tool developed by IASP and Demos to assess the long-term economic
security of seniors. A combination of inadequate pensions and savings, high housing costs,
accelerating health expenses, and other trends that affect seniors, will likely get worse, unless
policies are enacted to address them.
 
“The current economic crisis will compound economic vulnerabilities that have been building for
years unless policies are developed to reverse these trends,” said Tatjana Meschede, lead author
of the report released today.
 
Particular vulnerabilities identified in the report include:
• More than three–fourths of senior households of color do not have adequate financial resources
from savings, Social Security, or pension income to cover essential expenses for their expected
life spans.
 
• Out-of-pocket health care expenses are burdensome for 34 percent of African American and 39
percent of Latino seniors.
 
• High housing expenses put the budgets of 6 out of 10 senior households of color at risk.
 
“These data show that millions of African American and Latino seniors are living on the edge of
financial collapse, unable to rely on assets, income, or other pillars of financial stability. Their
circumstances are only made worse by the recent economic downturn, which has been
characterized by dramatic losses in assets and housing values,” said Thomas Shapiro, co-author
of the report and Director of the Institute on Assets and Social Policy.
 
Policies must not only strengthen the existing safety-nets and promote asset building
opportunities for vulnerable seniors, they also must protect younger families to help them enter
retirement on a stronger economic footing. “Future retirees will be worse off unless we attend to
policies that grow their resources for the future, and combat the rising costs of essential expenses
for seniors,” said Jennifer Wheary, report co-author and a Senior Fellow at Demos.
 
READ FULL REPORT HERE
 
For more information and to download the report, visit www.iasp.brandeis.edu or
www.demos.org


Back to top
| Back to home page
Video

White House Live Stream
LIVE VIDEO EVERY SATURDAY
alsharpton Rev. Al Sharpton
9 to 11 am EST
jjackson Rev. Jesse Jackson
10 to noon CST


Video

LIVE BROADCASTS
Sounds Make the News ®
WAOK-Urban
Atlanta - WAOK-Urban
KPFA-Progressive
Berkley / San Francisco - KPFA-Progressive
WVON-Urban
Chicago - WVON-Urban
KJLH - Urban
Los Angeles - KJLH - Urban
WKDM-Mandarin Chinese
New York - WKDM-Mandarin Chinese
WADO-Spanish
New York - WADO-Spanish
WBAI - Progressive
New York - WBAI - Progressive
WOL-Urban
Washington - WOL-Urban

Listen to United Natiosns News