The RRF Foundation for Aging released a call to action to address Older Adult Debt Burden. In The Call to Action, RRF Foundation for Aging illuminates a problem hidden for too long—older adult debt—and calls on advocates, researchers, service providers, funders, and others to get involved with addressing this urgent issue.
Contrary to common perceptions and despite efforts to save for retirement, millions of older adults hold high-risk debt, and the numbers and level of debt are growing. The pernicious consequences of debt threaten to further undermine the already fragile financial security of many older people. In fact, the share of older people who have incurred “high risk” debt—credit cards, medical bills, and student loans—has soared 50 percent in two decades. The current economy, and a pandemic that accelerated the drain on retirement accounts, is making matters worse.
This Call to Action invites others to partner with the foundation to develop new ways to prevent, manage, and mitigate debt among older adults.