NORC Study Highlights Financial Disparaties for Older Black and Hispanic Middle-Income Adults

A recent report by NORC at the University of Chicago, commissioned by the SCAN Foundation, raises concerns about the financial challenges facing millions of Black and Hispanic middle-income older adults as they age, particularly in accessing senior housing and healthcare services.

The study, titled the “Forgotten Middle,” predicts a significant increase in the proportion of older Black and Hispanic middle-income adults from 12% in 2020 to 25% by 2035. However, despite this growth, this population is projected to be the least able to afford housing and care compared to their white counterparts.

The analysis reveals widening financial disparities among older Black and Hispanic middle-income adults, including lower rates of home ownership, home equity, financial assets, and marriage, exacerbating their financial insecurity in later life. Additionally, the study highlights the challenges faced by middle-income older adults in rural areas, where poorer health outcomes, lower financial resources, and lack of support services compound their difficulties in aging well.

Dr. Sarita A. Mohanty, president and CEO of The SCAN Foundation, emphasizes the need for policymakers and healthcare communities to address these disparities urgently to ensure that race does not become a hindrance to aging well. The report underscores the importance of equitable access to aging services and calls for comprehensive policy measures to support the financial security and healthcare needs of middle-income older adults, particularly those from marginalized communities. Read more from Herb Weiss HERE…