- Auto Finance
- Loan Basics
- Fitch Says Prime Losses Down But Issues Words of Caution
- 5 Signs You Might Love a Lease
- Finance - Auto
- What Actually is a Title Loan?
- What Happens When My Title Loan In California Is Paid Off?
- What Happens When I Pay My Title Loan Off?
- Finance - Business
- RiskChat: What is Risk Intelligence?
- Payday Loans: Quick Cash or Quicksand?
- Merchant Cash Advances
- Finance - Personal
- Understanding Cash Loans: A Comprehensive Listing of Loan Terms and Definitions
- How Are You and Your Computer Protected in Your Cash Advance Application?
- Financial Calculators
- 3 Ways to Use a Mortgage Calculator
- Money 101 A Guide to Gaining Control
- What is a Mortgage Calculator?
- Do You Need Disability Insurance?
- 4 Questions to Ask Before Buying Life Insurance
- Do You Need Life Insurance?
- News and Press Releases
- When Emergency Strikes
- Industry preys on Alabamians
- GOP payday-loan amendment could imperil rules bill
- Pawnbroker - Pawnshop
- Pawnbroker History and How it works
- Payday Loans, Pawnbrokers Need More Than Regulation, OFT Says
- Speedy Cash Advance and Pawn
- Personal Credit
- What You Need for an Advance Till Payday
- 9 Bills You Can Save Money On
- Glossary for Payday Lending
- Personal Insurance
- Types of Personal Insurance
- Pet Insurance Shopping Secrets
- 4 Questions to Ask Before Buying Life Insurance
- Reference Library Finance and Loans
- Payday Loan Limit Could Go Up
- 7 Identity Theft Prevention Tips for Online Consumers
- Overcome Debt with 10 Easy Lessons
- Regulatory Resources
- CFPA Act 2009 Study on Credit
- Colorado House approves payday loan restrictions
- Extortion Scam Related to Delinquent Payday Loans
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