Clover Health Survey Finds 69 Percent of New Jersey Seniors Are Concerned About Their Financial Stability
As the Garden State population ages, nearly half of retired residents have considered returning to work for financial reasons
JERSEY CITY, N.J. (April 15, 2019) – Newly released survey results from Clover Health revealed 69 percent of New Jersey adults 60 and older are concerned about their future financial stability. Further, 46 percent of retired seniors surveyed have considered re-entering the workforce for financial reasons, indicating a worrisome trend for the Garden State’s aging population.
Despite this level of financial instability, New Jersey 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:
- New Jersey women over 60 worry more about their finances than men: While 74 percent of female seniors are concerned about their future financial stability, just 62 percent of local men reported feeling the same. Women are also more likely to consider going back to work — 48 percent said they’ve thought about coming out of retirement for financial reasons, compared to only 44 percent of men.
- Low-income seniors in the Garden State admit to serious concern about future financial stability: A whopping 86 percent of local seniors with a household income below $35,000 are concerned about future finances, compared to 80 percent of those who make $35,000 to $74,999, and 52 percent of older adults with an income above $75,000.
- Single seniors are more likely to consider coming out of retirement: 56 percent of New Jersey seniors who are single have considered coming out of retirement for financial reasons, compared to 39 percent of those who are married or in a relationship.
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 two-thirds of New Jersey seniors have serious financial concerns,” said Dr. Olga Benitez, an in-network Clover physician and member of New Jersey’s CarePoint Health. “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 members across New Jersey, 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 New Jersey. The national survey was of 1,000 adults 60+ throughout the U.S.