Understanding Influential Older Americans Depends on Trustworthy Data and Insights

The U.S. economy has been badly affected by the Pandemic. For some, that means more financial uncertainty, more income instability, and more mental and emotional strain.

For Americans 50 and older, it has been difficult. According to a new report byNORC at the University of Chicago, older Americans have become more concerned about their finances in the last four years. There are sobering findings in the report.

• A majority (82%) said they were worried financially. Half said they feel very or somewhat worried—an 11-point increase over 2021.
• Nearly half (46%) rate their personal finances as only fair or poor. Even more (52%) say they’re concerned they won’t achieve their financial goals.
• Two-thirds (67%) say they are very or somewhat worried about prices rising faster than their income. Nearly half (46%) are concerned primarily that they won’t keep up with the cost of living.
• As they prepare for retirement, 59% of respondents report having a lack of confidence in the economy and 67% of respondents who are not confident about living comfortably through their retirement years state that a main reason for their lack of confidence is their perception that Social Security is not enough on its own to make ends meet.

It is more important than ever for your business to understand the needs of this growing population. Learning how to support older customers is required to make an impact. It might not be obvious how this cohort affects your organization.

Older Americans are one of the most influential demographic groups in the country and the market often mispresents them. The growing population of Americans over the age of 50 presents a unique opportunity that may be hidden.

Many older Americans are less likely to participate in surveys, so researchers often use low-cost, non-probability opt-ins for their surveys. Researchers should have less confidence in their analyses if they don't have a good idea of the quality of their data. The number of problematic sample exchanges is increasing.

To truly understand the concerns of this dynamic, influential population, and deliver the policies, products, and services they need, it is critical for organizations to acquire accurate, reliable data backed by rigorous, statistically sound methodology.

The top three survey insights.

Older Americans have been affected by the Pandemic. Further insight into this population's mindset is offered by three other studies.

1. Mental health has worsened across the board.

As a result of the Pandemic, older Americans were less happy. Seven out of 10 have experienced more sadness or depression and eight out of 10 worry more about the future.

Overall, socialization has gone down. More than half of the older Americans surveyed are lonelier and more than half say they are less willing to socialize because of the swine flu.

1. Financial insecurity has increased.

The social security program was created in 1935. The program was supported by overwhelming support and highlighted its necessity.

Older Americans worry about Social Security's contribution to their income. A majority of older Americans worry that a single major health care expense could wipe them out financially, even though 39% of them expect to rely on Social Security for a substantial amount of their retirement income.

1. Personal tech usage has soared.

Personal technological devices made it possible for Americans to keep in touch. Older Americans are using their personal devices to communicate. Fewer than half of older Americans took part in a video chat in 2019.

Older Americans are spending more on technology than they did last year. People like tablets. Older Americans are using streaming services more than ever.

It's important that the right research is done.

The needs of all of us have changed due to the uncertain economic climate. The population of older Americans is growing fast. Now is the time for businesses to keep up. The quality of the data behind it is just as important as your insights about this community.

To ensure you have the fullest confidence in the insights driving your decisions as a company, your data needs to come from fully representative and high quality panels.

Researchers can use scientific rigor, innovative recruiting methods, and the infrastructure for rapid, reliable data collection to build surveys that answer unique questions about Medicare beneficiaries, frequent travelers, and grandparents.

With properly drawn data, your organization will have trusted analyses and accurate insights that help you drive better business decisions, just as your organization is to them.

If you want to learn more about these research studies and how to use them, you can visit Foresight50.norc.org.