Millions of Black and Hispanic middle-income older adults will lack the financial resources to pay for senior housing and health care expenses as they age, according to new research from NORC at the University of Chicago. Data from the “Forgotten Middle” study, supported by The SCAN Foundation, show that while the number of middle-income older adults of color will increase from 12%in 2020 to25% by 2035, widening financial disparities could make it more difficult for Black and Hispanic middle-income older adults to afford services compared to their white peers.
“Wealth is not distributed evenly across the forgotten middle. Now we know that Black and Hispanic older adults are the worst off. Black and Hispanic middle-income older adults have fewer liquid assets and less equity than other middle-income older adults, which is making it harder to leverage their home to support future housing and health care needs.”—Sarah Rayel, senior director of Health Care Strategy, NORC.
“Every older adult deserves to age well with purpose regardless of economic circumstances. The impending crisis facing people who won’t qualify for Medicaid and won’t be able to afford private home care will impact older adults of color much more acutely. Policymakers, as well as the healthcare and senior housing communities, have substantial work to do to ensure that race does not become a hindrance to aging well.”—Sarita A. Mohanty, MD, president and CEO, The SCAN Foundation.
About the Data
The analysis is NORC’s third follow-up to its landmark 2019 Forgotten Middle study. NORC’s Health Care Strategy team used 2020 Health and Retirement Study data to examine historically marginalized and minoritized groups within the middle-income older adult population. Researchers examined finances, housing, family structures, and health status—all attributes that may affect the ability to age according to one’s wishes—segmented by race and ethnicity to understand the impact of these factors across racial and ethnic groups.
About NORC at the University of Chicago
NORC at the University of Chicago conducts research and analysis that decision-makers trust. As a nonpartisan research organization and a pioneer in measuring and understanding the world, NORC has studied almost every aspect of the human experience and every major news event for more than eight decades. Today, NORC partners with government, corporate, and nonprofit clients around the world to provide the objectivity and expertise necessary to inform the critical decisions facing society.
About The SCAN Foundation
The SCAN Foundation envisions a society where all of us can age well with purpose. We pursue this vision by igniting bold and equitable changes in how older adults age in both home and community. For more information, please visit https://www.thescanfoundation.org/