DataPoint: Financial Well-Being of Older Adults

The average 2018 financial well-being score of adults ages 62 and over in the United States was 62, based on a November 2019 Consumer Financial Protection Bureau (CFPB) report. The study indicated that New York State residents ages 62 and older also had an average financial well-being score of 62. Financial well-being was defined by (1) controlling short-term finances; (2) capability to handle financial emergency; (3) ability to meet financial goals; and (4) ability to make financial choices to enjoy life. The average score for adults ages 62 and older was higher than that for adults ages 18 to 61 in all states. Nationwide, older adults scored 13 points higher than adults ages 18 to 61, while New York State older adults scored 14 points higher. Statewide, nearly 12 percent of all adults reported low or very low financial well-being scores, while 34 percent indicated high or very high financial well-being.

The CFPB report relied on data from the Financial Industry Regulatory Authority Foundation 2018 National Financial Capability Study. To view the entire report, click here.

Contact: Ken Allison, kallison@leadingageny.org, 518-867-8820