Living in debt can impact the overall health and welfare of seniors. Click To TweetMore seniors are heading towards retirement years accumulating debt, reports a new survey released by the National Council on Aging. According to the Washington Post, the report, released in early February 2016, found that professionals who work with seniors are seeing a significant increase in older adults carrying increasing amounts of debt.
According to Statistics Canada, one in three retirees hold some form of debt which may include mortgages, student or pay day loans, outstanding credit card balances or other loans or debt. One-sixth of seniors say they owe more than $100,000 and Canadians over the age of 65 have the highest bankruptcy rates in the country, according to the Vanier Institute for the Family.
Many of the seniors facing debt into retirement years are in poor health or are already struggling financially. Without a financial cushion, unexpected health bills, vehicle or home repairs can lead to credit card debt or even “pay day” loans which can start a vicious cycle of fees and repeated loans.
Living in financial debt can impact the overall health and welfare of seniors who may skip doctors appointments, avoid filling prescriptions, delay home repairs, miss meals or stop seeing friends because they can’t afford social outings. All this can lead to serious health problems, an increased risk for falls at home if the property is not being maintained and a greater chance for social isolation which may lead to depression.
To learn more about solutions for seniors in debt, visit the resource page developed by the council at http://ncos.org/seniordebt .