- Auto Finance
- Experian Shares Latest Auto Loan Trends, Top Lenders
- CarMax Expands Ohio Market Penetration
- Buy Here Pay Here Auto Financing Basics
- What is a Bank Term Loan
- How do I get the Best Banking Services?
- Do you Need a Day Loan? The Bank Can Help
- Finance - Auto
- How Can I Pay Off A Title Loan?
- What Happens When My Title Loan In California Is Paid Off?
- How Many Title Loans Can I Get?
- Finance - Personal
- Auto Finance: Watch Out for These Dealer Scams
- Here Are the Four Smart Ways to Manage a Paycheck Cash Advance
- Should You Use a Cash Advance to Pay for a Celebration?
- Financial Calculators
- Money 101 A Guide to Gaining Control
- 3 Ways to Use a Mortgage Calculator
- What is a Mortgage Calculator?
- Have You Thout About Renters Insurance?
- After Profitable 2009, Reinsurers Face Pricing Pressure from Primary Insurers
- Do You Need Disability Insurance?
- News and Press Releases
- Critics say Missouri bill falls short of true reform of payday loans
- Payday loans in the cross hairs
- Payday Lenders Try a New Trick
- Personal Credit
- What You Need for an Advance Till Payday
- Credit Card Fee Increases
- Max Cash Title Loans Works With Reliable Lenders in Albuquerque
- Personal Insurance
- Take an Example From this Woman Without Health Insurance
- Types of Personal Insurance
- Why You Need Health Insurance
- Reference Library Finance and Loans
- Costly Cash: The Great Recession Is Paying Off for Pawnshops and Payday Lenders
- Study Finds Very Small Percentage of CUs Offer Payday Loan Alternatives
- Understanding Cash Loans: A Comprehensive Listing of Loan Terms and Definitions
- Regulatory Resources
- GOP proposal would cap interest on payday loans
- Bill to Manage Payday Lenders in Texas Senate
- Goddard warns lenders not to pass off illegal payday loans as legitimate ones
Older Minorities Are Becoming America's Poorest Residents
By Carole Fleck Published: 07/31/2008Older Minorities Are Becoming America's Poorest Residents
Source: AARP Bulletin Today | July 31, 2008
- Save a Buck: A Chance for Free Credit Monitoring
- For Many, Retiring Will Mean Tighter Belts
- Citi Directors Face Angry, Coffee-Less Shareholders
- Those doing the layoffs can feel lingering stress
- Your Financial Future: Potential Pension Glitch
Older Hispanics and African Americans are among the nation's poorest residents, according to a study released yesterday by the AARP Public Policy Institute.
The study reported that among people 65 and up, one in five Hispanics and almost one in four black Americans were living in poverty in 2006. Overall, one in 10 older people were reported as living at or below the poverty line. Like minorities, older women are not faring well. Nearly 12 percent of women age 65 and up lived in poverty in 2006, according to the report, which was
conducted for the AARP Foundation and released at its symposium on poverty and aging.
Little or no retirement income, unemployment, disability and poor health were cited as the major causes of older adults living in poverty. But the findings could be worse, the report said. If not for Social Security, the poverty rate for those 65 and older would have skyrocketed from 9 percent to 45 percent in 2006.
Nationwide, an estimated 37 million people live below the poverty line.
Attending the symposium was former Sen. John Edwards, chair of the Half in Ten antipoverty campaign, who said Americans deserve better. There are too many men and women who sit at their kitchen tables and reach the quiet conclusion that they will lose their home, he said. There are too many families sitting in our emergency rooms begging for health care. There are too many of our veterans sleeping under bridges and on grates.
If you believe in the kind of America where everybody has equal chances and equal opportunities to do great things, we have a lot of Americans who don't have those chances today millions of them. This struggle is to try to make those opportunities available.
Edwards Half in Ten campaign, which aims to cut poverty by 50 percent within a decade, was formed earlier this year by a coalition of groups. It supports expanding tax credits, raising state and federal minimum wages, preventing predatory lending practices and increasing the eligibility for unemployment insurance to help lift people out of poverty.
Robin Talbert, president of the AARP Foundation, said the symposium was held so that Edwards and other experts could collaborate on ways to improve the quality of life for older persons living in poverty, or who are at high risk of falling into poverty.
Other highlights of the PPI report include:
• Women head up nearly seven of 10 older families living below the poverty line.
• About 25 percent of people age 50 to 64 who live in poverty work; nearly 63 percent have health insurance.
• The median net worth of people 50 and older living in poverty is $10,000.
• The cost of a doctor¹s visit prevented nearly 25 percent of people 50 and older living in poverty from seeing a physician in the last 12 months.
• Social Security Disability Insurance helps only about one in 10 people age 50 and up who say a disability has hampered their efforts to work.
Most Popular in Personal Finance