FORT LAUDERDALE, Fla. — With financial markets sinking dramatically and the U.S. economy in turmoil as a result of the COVID-19 pandemic, seniors are becoming increasingly concerned about their savings, which could impact decision-making when it comes to seniors housing.
The discoveries come from a survey conducted by SeniorLiving.org, a Fort Lauderdale-based website that provides services and advice for seniors, including questions related to seniors housing. The survey included more than 1,300 seniors and 1,300 financially independent adult children, and was completed the week of March 22.
“Stock market turbulence due to COVID-19 pandemic is causing concerns for seniors and their adult children, each reporting 43 percent being ‘concerned’ or ‘very concerned,’” according to a summary of the survey results. “Fifty percent of seniors report talking to their children about their finances in the past two to three weeks.”
Cost of healthcare is the top concern for both retirement-age adults (33 percent) and their adult children (32 percent).
Nearly two-thirds (64 percent) of older Americans say they are financially ready for retirement.
To read the full survey, click here.