Insights into the Financial Experiences of Older Adults: A Forum Briefing Paper
Accessible versions of figures
Figure 1. Many respondents carry home-secured debt late in life. Percent of survey respondents reporting ownership of a mortgage, home equity loan, or home equity line of credit, by age
| Age Categories |
I only have a mortgage and/or home equity loan. (Percent) |
I only have a home equity line of credit. (Percent) |
I have both a mortgage and/or home equity loan and a home equity line of credit. (Percent) |
I don't have any mortgage or other loans/lines of credit on my primary residence. (Percent) |
Total number |
| Age 40-49 |
71.9 |
6.5 |
6.2 |
15.4 |
297 |
| Age 50-59 |
59.1 |
7.6 |
9.1 |
24.2 |
369 |
| Age 60-69 |
47.7 |
8 |
3 |
41.3 |
297 |
| Age 70+ |
29.4 |
5.2 |
3 |
62.5 |
272 |
| Total |
52.9 |
6.9 |
5.6 |
34.7 |
1234 |
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Figure 2. Banking in person is common across all age groups; ATMs and online banking also are widely used, but favored by those in their 40s. Percent of survey respondents using each method to check account balances and make deposits/withdrawals, by age
| Age Categories |
In person at a bank branch (Percent) |
ATM Machine (Percent) |
Telephone (Percent) |
Online at a computer (Percent) |
Bank App on Mobile (Percent) |
Rely on others (Percent) |
Other (Percent) |
Total number |
| Age 40-49 |
46.9 |
48.2 |
19.7 |
73.7 |
17.8 |
3.3 |
2.9 |
486 |
| Age 50-59 |
47.5 |
38.8 |
22 |
69.7 |
9.7 |
2.2 |
6.2 |
504 |
| Age 60-69 |
53 |
38.8 |
22.4 |
65.3 |
5.5 |
2.4 |
6.3 |
394 |
| Age 70+ |
58.8 |
29.9 |
18.7 |
54.1 |
2.1 |
5.7 |
12 |
351 |
| Total |
50.8 |
39.7 |
20.8 |
66.7 |
9.5 |
3.2 |
6.5 |
1,735 |
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Figure 3. Respondents in all age groups pay bills using a variety of methods and technologies. Percent of survey respondents using each method to pay bills, by age
| Age Categories |
I pay in person at the store that sent me the bill. (Percent) |
I pay at a store that accepts bill payments for other companies. (Percent) |
I pay by writing a check and mailing it. (Percent) |
I pay by telephone. (Percent) |
I pay using my computer. (Percent) |
I don't pay the bills. (Percent) |
Total number |
| Age 40-49 |
28.9 |
14.2 |
55.6 |
28.2 |
71 |
4.7 |
488 |
| Age 50-59 |
28.9 |
8.9 |
67 |
25.4 |
64.6 |
3.5 |
500 |
| Age 60-69 |
24.7 |
6.9 |
71.7 |
17 |
60.6 |
2.8 |
392 |
| Age 70+ |
20.5 |
6 |
77.7 |
14.1 |
49.2 |
7.1 |
352 |
| Total |
26.2 |
9.4 |
67 |
22 |
62.4 |
4.4 |
1731 |
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Figure 4. Middle-aged respondents are more likely than older groups to carry credit card balances. Percent of survey respondents reporting typical credit card payment activity, by age
| Age Categories |
Pay in full (Percent) |
Pay Less Than Full More Than Min (Percent) |
Minimum (Percent) |
Typically Behind (Percent) |
Don't Know (Percent) |
Total number |
| Age 40-49 |
41.4 |
41.6 |
11.8 |
3.2 |
2.1 |
370 |
| Age 50-59 |
42.1 |
44 |
12 |
0.6 |
1.2 |
432 |
| Age 60-69 |
60.1 |
31.9 |
6.2 |
0.4 |
1.3 |
330 |
| Age 70+ |
67.7 |
24.8 |
5.3 |
0.9 |
1.3 |
324 |
| Total |
51.7 |
36.4 |
9.1 |
1.3 |
1.5 |
1,456 |
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Figure 5. One in five middle-aged respondents carries student loan debt for themselves or their children. Percent of survey respondents reporting student loan debt for themselves, their child, or both, by age
| Age Categories |
Own Debt Only (Percent) |
Child Debt Only (Percent) |
Both (Percent) |
Total number |
| Age 40-49 |
13.8 |
4.8 |
1.5 |
532 |
| Age 50-59 |
6.8 |
12.4 |
0.6 |
541 |
| Age 60-69 |
2.3 |
5.6 |
0.7 |
398 |
| Age 70+ |
0.6 |
1.1 |
0 |
348 |
| Total |
6.7 |
6.5 |
0.8 |
1,818 |
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Figure 6. Middle-aged respondents are more likely than older groups to need help with money management and paying bills and expenses. Percent of survey respondents reporting that they needed help with money management and bills or expenses, by age
| Age Categories |
B32:Did you need help with everyday money management in the last year? |
B33:Did you need help covering the costs of bills or expenses in the last year? |
| Yes (Percent) |
No (Percent) |
Total number |
Yes (Percent) |
No (Percent) |
Total number |
| Age 40-49 |
23.8 |
76.2 |
524.8 |
31.7 |
67.9 |
527.2 |
| Age 50-59 |
19.1 |
81 |
540.4 |
27.8 |
72.4 |
539.9 |
| Age 60-69 |
12.7 |
87.3 |
398.6 |
14.1 |
85.9 |
398.2 |
| Age 70+ |
11.8 |
88.2 |
349.1 |
10.9 |
89.1 |
348.7 |
| Total |
17.6 |
82.4 |
1,813.00 |
22.7 |
77.3 |
1,814.00 |
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Figure 7. The vast majority of respondents lack a written power of attorney, including many in the oldest age group. Percent of survey respondents reporting their plans for financial decisionmaking in the future, by age
| Age Categories |
I currently have a power of attorney that names someone else to act on my behalf (Percent) |
I have had a power of attorney assigned but cancelled it (Percent) |
I have informal plans for someone to act on my behalf but do not have a written (Percent) |
I have considered having a power of attorney assigned but have not yet taken any (Percent) |
I have never planned for someone else to make these decisions for me (Percent) |
Total number |
| Age 40-49 |
13.2 |
0.8 |
12.7 |
11.5 |
61.8 |
525.9 |
| Age 50-59 |
15.2 |
0.4 |
14.3 |
11.8 |
58.3 |
540.4 |
| Age 60-69 |
27.9 |
0.6 |
16.9 |
14.8 |
39.8 |
394.6 |
| Age 70+ |
44 |
0.4 |
13 |
11.6 |
31 |
345.1 |
| Total |
22.9 |
0.6 |
14.2 |
12.3 |
50 |
1,806.00 |
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Figure 8. The likelihood of having a written power of attorney does not appear to be driven by respondents' perception that their "time is running out". Percent of survey respondents who agree with the statement: "Time is running out" and reporting their plans for financial decisionmaking in the future
| time is running out |
I currently have a power of attorney that names someone else to act on my behalf (Percent) |
I have had a power of attorney assigned but cancelled it (Percent) |
I have informal plans for someone to act on my behalf but do not have a written (Percent) |
I have considered having a power of attorney assigned but have not yet taken any (Percent) |
I have never planned for someone else to make these decisions for me (Percent) |
Total number |
| 1 Very Untrue |
24.2 |
0.5 |
10.1 |
13.8 |
51.4 |
261 |
| 2 |
23.1 |
0.8 |
13.3 |
12.2 |
50.6 |
236 |
| 3 |
26.3 |
0 |
16.4 |
7.7 |
49.5 |
212 |
| 4 |
20.6 |
0.3 |
16.9 |
14.9 |
47.3 |
274 |
| 5 |
26.7 |
1.4 |
13.7 |
11.6 |
46.6 |
213 |
| 6 |
22.8 |
1.1 |
17.9 |
9.6 |
48.7 |
172 |
| 7 Very True |
27.6 |
0 |
11.2 |
16.4 |
44.8 |
95 |
| Total |
24.1 |
0.6 |
14.3 |
12.2 |
48.8 |
1,463 |
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Figure 9. Very few respondents say they are "less" confident making financial decisions compared to 5 years ago; respondents in their 60s and 70s and older are more likely to say their level of confidence is "the same". Percent of survey respondents feeling more, less, or the same level of confidence making financial decisions compared to five years ago, by age
| Age Categories |
More (Percent) |
Same (Percent) |
Less (Percent) |
Total number |
| Age 40-49 |
45.4 |
48.9 |
5.8 |
532 |
| Age 50-59 |
36.9 |
58.9 |
4.2 |
541 |
| Age 60-69 |
30.3 |
65.9 |
3.8 |
398 |
| Age 70+ |
17.3 |
78.5 |
4.2 |
348 |
| Total |
34.2 |
61.2 |
4.6 |
1819 |
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Figure 10. More than one-third of respondents report major financial stress in the last three years, most often due to job loss or reduced income or to health-related issues. Percent of survey respondents reporting each source of major financial stress in the last three years, by age
| Age Categories |
Bankruptcy (Percent) |
Foreclosure notice (Percent) |
Lost job reduced income or work hours (Percent) |
Health (Percent) |
Separated divorced or lost spouse/partner (Percent) |
Unpaid taxes (Percent) |
Other (Percent) |
Total number |
| Age 40-49 |
8.8 |
6.3 |
61.6 |
25.3 |
10.5 |
14.9 |
15.4 |
240 |
| Age 50-59 |
5.1 |
6.6 |
51.3 |
32.2 |
5.1 |
11.4 |
24.4 |
222 |
| Age 60-69 |
6.8 |
2.1 |
44.2 |
36.3 |
8.5 |
12.9 |
16.9 |
122 |
| Age 70+ |
3.9 |
6.8 |
24.6 |
23.3 |
9.5 |
9.1 |
42.9 |
67 |
| Total |
6.7 |
5.7 |
51 |
29.5 |
8.2 |
12.7 |
21.6 |
651 |
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Last update: July 25, 2013