Perception of the Availability of Informal Financial Support among the Elderly: Prevalence and Trends, 1999-2008

• In Event: 349 - Section on Aging and the Life Course Roundtable Session
  In Refereed Roundtable: Table 04. Linked Lives

Abstract

This study examined the perception of the availability of informal financial support (i.e., ability to obtain financial support from family, friends, or others in the community) among U.S. adults 60 years and older and assessed whether its prevalence changed between 1999 and 2008. Data from the 1999-2008 National Health and Nutrition Examination Survey were used to generate prevalence estimates, test for differences among subpopulations, and test for the presence of linear trends. In 2007-2008, 74.6% of U.S. adults aged 60 years and older stated that they could access informal financial support, which is a significant decline from 1999-2002 when 81.3% said they could access it. Disadvantaged elderly adults (i.e., those with low PIR scores, poor health, and who lacked full food security) were less likely to report that they had access to it. During a period of macroeconomic fluctuations, the percentage of elderly adults who believed they could obtain informal financial support declined. Elderly adults most at risk of needing financial support to pay for daily expenses or medical emergencies were the least likely to have access to informal financial support. The study suggests that like other financial assets, access to informal financial support varies among subpopulations of the elderly.

Author

• Steven Michael Frenk, National Center for Health Statistics