Clover Health Survey Finds 57 Percent of Charleston Seniors Are Concerned About Their Financial Stability
As the Lowcountry population ages, nearly half of retired residents have considered returning to work for financial reasons
CHARLESTON, S.C. (May 3, 2019) – Newly released survey results from Clover Health revealed 57 percent of Charleston adults 60 and older are concerned about their future financial stability. Further, 47 percent of retired seniors surveyed have considered re-entering the workforce for financial reasons, indicating a worrisome trend for the Lowcountry’s aging population.
Despite this level of financial instability, Charleston seniors are less worried than their peers across the U.S. Nationally, 72 percent of adults over 60 expressed concerns about their future financial well-being, but are on par with those retirees who have contemplated re-entering the workforce (47 percent).
The Clover survey also found that:
- Charleston women over 60 worry more about their finances than men: While 62 percent of female seniors are concerned about their future financial stability, just 51 percent of local men reported feeling the same. Women are also more likely to consider going back to work – 49 percent said they’ve thought about coming out of retirement for financial reasons, compared to only 45 percent of men.
- Suburban seniors have more financial peace of mind: Just 50 percent of Lowcountry adults over 60 living in the suburbs are concerned about financial stability, compared to 69 percent of those living in rural areas and 61 percent living in the city.
- Charleston’s low-income seniors admit to serious concern about future financial stability: A whopping 91 percent of local seniors with a household income below $35,000 are concerned about future finances, compared to 57 percent of those who make $35,000 to $74,999, and just 21 percent of older adults with an income above $75,000.
- Older adults living alone are more likely to consider coming out of retirement: 72 percent of Charleston seniors who live alone have considered coming out of retirement for financial reasons, compared to 41 percent of those who do not live alone.
As Americans continue to live longer than before, it is no surprise the workforce is changing. In fact, one recent analysis of Labor Department data reveals that of the 2.9 million new jobs gained in 2018, nearly half (1.4 million) were taken by adults 55 and over. While some older adults are going back to work to alleviate boredom or to remain active as they age, deciding to leave retirement due to financial stress can be detrimental to the health of those individuals.
“It’s disheartening to see that more than half of Charleston seniors have serious financial concerns,” said Dr. Jennifer Stolin, MD an in-network Clover physician from Palmetto Primary Palmetto Primary Care Physicians, Oakbrook office. “Adults with poor financial health are more likely to report symptoms of anxiety and depression, migraines, and trouble sleeping. Even in times of stress, it’s crucial to continue to visit your primary care doctor for proactive ways to maintain your mental and physical health.”
As a Medicare Advantage plan serving the Lowcountry, Clover is focused on preventative healthcare by leveraging data and its technology platform to proactively address potential illnesses and complications. In doing so, Clover helps its members mitigate the risk of hospitalizations along with the accompanying financial stressors, something that is extremely valuable to seniors on a fixed income.
The study from Clover, a healthcare company using technology to improve medical outcomes, was conducted by Wakefield Research of 300 adults age 60 and older in Charleston. The national survey was of 1,000 adults 60+ throughout the U.S.