Elders on the (Financial) Edge

Jenjira Yahirun and Hua Zan (both COF) have just published a brief on “The Economic Well-Being of Hawai‘i’s Older Adults & Their Families” that describes the financial struggles that a segment of the older population is experiencing in the state. It shows that, on average, the economic well-being of Hawai‘i’s older adults has not improved after the Great Recession—almost half are classified as low income, and one in ten households containing older adults receives supplemental nutrition benefits. On the one hand, Hawai‘i’s culture of respecting and honoring family and elders provides some buffer against financial insolvency; on the other, the high costs of living in the state, particularly housing costs, put older adults at higher risk of poverty or insufficient income. Read the full brief on the Center on the Family website here. The authors argue that, barring the systemic reforms to and expansion of Social Security that would help to make the financial future more secure for all older Americans, current employees must start planning for retirement earlier and that education and outreach initiatives should be put in place to encourage them to do so.