Navigating Financial Challenges for Older Adults- Resource Gaps and Social Work Solutions

Navigating Financial Challenges for Older Adults- Resource Gaps and Social Work Solutions

Older adults and their families experience financial challenges, such as the inability to pay rent, purchase food, and pay for healthcare. These problems ensue because a large percentage of people in their old age do not have adequate savings that can be used to cater to their needs (Harvard Joint Center for Housing Studies, n.d.). In many instances, a majority of the older adult population does not work; this lack of a stable source of income causes them to strain financially. Some older adults also experience issues, such as financial fraud, where their relatives exploit them financially because they are naïve or not mentally stable to manage their money (Consumer Financial Protection Bureau, n.d.). Overall, older adults experience significant financial challenges.

There are several gaps in resources that are meant to support older adults. For instance, even though Medicare states that it caters to the healthcare needs of the above population, it does not fully cover the cost of medication and some essential services, such as living in nursing homes (National Institute on Aging, n.d.). Social security also limits the bills it helps older adults pay, yet this institution claims it caters to their needs fully. Lastly, the federal government does not support older adults who were unemployed before they attained the golden age of 65, yet it is responsible for catering to the same (Coyle, n.d.). These gaps inconvenience older adults who are financially insecure in a significant manner.

I have learned that older adults who did not plan for their retirement early experience significant financial challenges. However, this population can lease their houses and then move in with family so that the property acts as a source of income. Additionally, older adults can decide to seek help from social workers if they are financially constrained. The social worker will approach the federal government institutions that help older adults with financial challenges to assist the population above (Bauer, 2021). Alternatively, the social worker can help devise a plan that can help older adults with financial problems plan their current resources appropriately and use them wisely.

References

Bauer, B. (2021, June 2). How to maximize your food benefits. The National Council on Aging. https://www.ncoa.org/article/how-to-maximize-your-food-benefits

Consumer Financial Protection Bureau. (n.d.). Protecting older adults from fraud and financial exploitation. https://www.consumerfinance.gov/consumer-tools/educator-tools/resources-for-older-adults/protecting-against-fraud/

Coyle, S. (n.d.). Financial independence for older adults. Social Work Today Magazine. https://www.socialworktoday.com/archive/Winter21p18.shtml

Harvard Joint Center for Housing Studies. (n.d.). The Financial Situation of Older Adults. Joint Center for Housing Studies. https://www.jchs.harvard.edu/sites/default/files/harvard_jchs_housing_growing_population_2016_chapter_4.pdf

National Institute on Aging. (n.d.). Paying for care. https://www.nia.nih.gov/health/paying-care

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Please share your thoughts after reviewing the readings.
What are some financial challenges for older adults and their families?

What are the gaps in resources needed to support this population?
Did you learn about any new financial resources for older adults?
As a Social Worker, how could you help support your older adult clients who are experiencing financial difficulties?