Nearly one in five older Americans say they used up their savings or lost their main source of income because of the COVID-19 pandemic — a rate several times higher than in other high-income countries, a new Commonwealth Fund study finds. Drawing from a survey of more than 18,000 adults age 65 and older in the U.S. and 10 other wealthy countries, the report casts a harsh light on the economic vulnerability of U.S. seniors, particularly older Black and Latino/Hispanic Americans.
- Compared to their counterparts in the other survey countries, older adults in the U.S. have suffered the most economically from the COVID-19 pandemic, with more losing a job or using up all or most of their savings.
- Latino/Hispanic and Black older adults in the U.S. have been far more likely than white older adults to experience significant negative economic consequences.
- COVID vaccination rates for older adults were highest in countries where vaccines were most widely available when the survey was fielded. In the United Kingdom, nearly all older adults (97%) had already been vaccinated. The U.S. had the largest percentage of older adults who were not planning to get vaccinated.
Read the report to explore the complete findings, including how COVID-19 has affected older adults’ access to health care and supportive services for chronic conditions, what vaccination rates were during the second quarter of 2021, and policy recommendations for reducing financial barriers and ensuring access to affordable care. Read the full report HERE