AARP research shows older Americans are cutting grocery and discretionary spending
1 report, 1 independent
Updated Sat 00:00
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What happened
AARP surveyed 1,017 adults aged 50 to 64 between July 16 and July 20. The research found that 41% of adults 50 and older reported cutting back on groceries in the previous month. The study also showed that dining out, entertainment, clothing, and hobbies were areas where older adults scaled back spending.
From wtop.com
Why it matters
Christopher Mayer, CEO of Longbridge Financial, stated that these spending choices affect meaningful household expenses. He noted that older homeowners are facing pressure from rising costs for property taxes and homeowners insurance.
From wtop.com
Who's involved
- AARPConducted the survey and published the research findings on spending habits.
- Christopher MayerProvided economic commentary based on the research findings.
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The entities involved
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AARP
American nonprofit organization