A new AARP survey asking baby boomers how they’re faring as the economic downturn continues reveals what some of us already have a gut feeling about − it’s still a struggle for many, despite the rebounding stock market and glimmers of a turnaround in the real estate market.
The survey polled 939 Americans ages 45+ in July/August 2009. The results, released today, suggest a rebound in baby boomers’ personal finances has yet to materialize.
Here are some of the highlights of the survey:
- 51% had problems paying for gas or used their vehicle less to save on gas
- 41% lost sleep due to stress or worry
- 30% stopped contributing to 401(k)s, IRAs or other retirement savings
- 29% postponed needed health care or dental work for financial reasons
- 23% had problems paying for necessities like food or utility costs
- 22% had their work hours cut or had to take a pay cut
- 22% had problems paying medical bills
- 21% saw their health insurance premiums increase in between annual enrollment periods
- 19% didn’t fill a prescription, cut the dosage of prescribed medication or skipped doses
- 14% had adult children move back home
These are tough economic times, and the age 45 to 64 population is perhaps feeling the squeeze more keenly than other groups as they care for adult children and their aging parents while still struggling to put aside for their own retirements.
Do the results of the AARP poll reflect your own “high anxieties” about your future?
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