“Many people are living on a fixed income and have cut back, or are even delaying retirement,” said Kennedy.
The financial insecurity that inflation has caused this year has forced many older adults to make difficult decisions, said Dana Kennedy, AARP director for Arizona. While nearly half of adults ages 30-49 said they thought their finances would improve over 12 months, only a little more than a quarter of people 50 and older thought the same thing. While a large share of people in all age groups described difficult financial struggles this year, a breakdown by age showed that older people are much more pessimistic about their own economic futures.
The margin of error was plus or minus 2.57%. The older adults were among 4,817 adults aged 30 and over who participated in a semiannual survey fielded in July across all 50 states and the District of Columbia by the independent social research organization NORC at the University of Chicago on behalf of AARP.
