According to a recent analysis of US Census data, more than 30% of seniors are struggling to cover their expenses and pay their bills compared to a year ago.
Although rising prices for food, basic services, assets, mortgage rates, and rent due to inflation have affected a large part of American families, currently not all groups face the problem equally.
According to the study, the elderly, workers or retirees have experienced more financial difficulties, the data revealed that people between the ages of 55 and 65 found it difficult to keep up with their payment obligations.
For Charlie Wise, senior vice president and director of global research and consulting at TransUnion, “Many baby boomers are retired and on a fixed income, and they don't keep up with inflation in the same way that young consumers do,“ he said while mentioning that this generation ”does not face the prospect of material wage increases or new jobs that will put more money in their pockets,” he said
After two years of inflation, the pressure faced by the average American household is reflected in their budget, the most affected are the elderly who have been left behind in contrast to the youngest who seek alternatives to the economic crisis.
Just 34% of people ages 25-40 struggle to cover their expenses and pay their bills while 39% of adults ages 40-54 struggle to keep up with their financial obligations.
A TransUnion report indicated that 3 in 10 baby boomers expect the next 12 months to increase their income compared to nearly 7 in 10 millennials and Gen-Zers. “For older consumers, a large portion of their income goes to non-discretionary things,