Financial Experiences of Older Adults
The Federal Reserve Board seeks to better understand the unique situations older adults face in the post-crisis economy, how they manage transactions with new and emerging technologies, and how they navigate an increasingly complex financial marketplace.
The Board's Division of Consumer and Community Affairs conducted a survey of more than 1,800 individuals aged forty and older regarding their use of financial products and services, their financial decisionmaking, and their sources of financial stress. The Insights into the Finanicial Experienes of Older Adults: A Forum Briefing Paper summarized the survey's findings, which helped frame the discussions at the forum.
A particular aim of the forum was to help identify the next set of questions about financial preparedness and stability among older adults to be explored by the field at large. Discussions were organized around specific issues, including:
- financial circumstances of different subgroups of older adults
- current and future housing needs and affordability
- employment and retirement transitions
- the role of cognition in financial decisionmaking