Clover Health Survey Finds 65 Percent of San Antonio Seniors Are Concerned About Their Financial Stability
As the population of Bexar County ages, nearly half of retired residents have considered returning to work for financial reasons
SAN ANTONIO, Texas (April 15, 2019) – Newly released survey results from Clover Health revealed 65 percent of San Antonio adults 60 and older are concerned about their future financial stability. Further, 45 percent of retired seniors surveyed have considered re-entering the workforce for financial reasons, indicating a worrisome trend for Bexar County’s aging population.
Despite this level of financial instability, San Antonio area 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, and 47 percent of retirees have contemplated re-entering the workforce.
The Clover survey also found that:
- San Antonio women over 60 worry more about their finances than men: While 75 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 — 57 percent said they’ve thought about coming out of retirement for financial reasons, compared to only 33 percent of men.
- City-dwelling seniors have less financial peace of mind: 60 percent of Bexar County seniors living in the suburbs and 67 percent living in rural areas expressed concern about their future financial stability, compared to 69 percent of those living in San Antonio.
- Bexar’s low-income seniors admit to serious concern about future financial stability: A whopping 75 percent of local seniors with a household income below $35,000 are concerned about future finances, compared to just 59 percent of those who make $35,000 to $74,999, and 60 percent of older adults with an income above $75,000.
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 nearly two-thirds of San Antonio area seniors have serious financial concerns,” said Dr. Carlos Porter, an in-network Clover physician from Porter Medical Associates. “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 San Antonio area, 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 the San Antonio region. The national survey was of 1,000 adults 60+ throughout the U.S