Clover Health Survey Finds 74 Percent of Philadelphia Seniors Are Concerned About Their Financial Stability
As the population of the Delaware Valley ages, nearly half of retired residents have considered returning to work for financial reasons
PHILADELPHIA (April 16, 2019) – Newly released survey results from Clover Health revealed 74 percent of Philadelphia adults 60 and older are concerned about their future financial stability. Further, 48 percent of retired seniors in Philadelphia have considered re-entering the workforce for financial reasons, indicating a worrisome trend for the Delaware Valley’s aging population.
In New Jersey, 69 percent of seniors surveyed expressed concern about their financial stability and 46 percent said they have considered coming out of retirement due to finances.
With this level of financial instability, Philadelphia area seniors are more 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:
- Philadelphia women over 60 worry more about their finances than men: While 77 percent of female seniors are concerned about their future financial stability, just 69 percent of local men reported feeling the same. In New Jersey, 74 percent of women surveyed worry about future financial stability, compared to 62 percent of men over 60.
- Low-income seniors in the Delaware Valley admit to serious concerns about future financial stability, but higher earners are not immune: A whopping 83 percent of local seniors with a household income below $35,000 are concerned about future finances, compared to 77 percent of those who make $35,000 to $74,999, and 66 percent of older adults with an income above $75,000. In New Jersey, 86% of those with a household income below $35,000 and 80% of middle earners worry about financial stability, compared to 52% of the highest earners.
- Older adults living alone are more likely to consider coming out of retirement: 59 percent of Philadelphia area seniors who live alone have considered coming out of retirement for financial reasons, compared to 42 percent of those who do not live alone. In New Jersey, 52% of seniors who live alone have considered doing so, compared to 43% who do not live alone.
“It’s disheartening to see that nearly three-quarters of Philadelphia seniors have serious financial concerns,” said Dr. Dan Schwartz, an in-network Clover physician from Parkside Family Medicine. “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 Delaware Valley, 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 Philadelphia area and 300 adults age 60 and older in New Jersey. The national survey was of 1,000 adults 60+ throughout the U.S.