Understanding Older Americans’ Debt: Insights from Cognitive and In-Depth Interviews
2024
Understanding Older Americans' Debt
Sample size: 54
publication
Author Information
Author(s): Hector Ortiz
Primary Institution: Consumer Financial Protection Bureau
Hypothesis
There are foundational gaps in qualitative data that limit understanding of debt held by older adults.
Conclusion
The study revealed important gaps in existing data sources regarding older adults' debt.
Supporting Evidence
- 63 percent of households headed by adults ages 60 and older held debt in 2022.
- These households held over $4.1 trillion in debt.
- The relationship between debt and aging is growing and changing.
Takeaway
Many older adults have debt, and we need to learn more about it to help them better.
Methodology
Cognitive and in-depth interviews were conducted with participants.
Limitations
The study highlights gaps in existing data sources.
Participant Demographics
A majority (81 percent) of participants were age 62 or older.
Digital Object Identifier (DOI)
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