University of Michigan study shows: Many older people save money

ANN ARBOR, Mich. – A new survey from the University of Michigan found that inflation still affects people.

According to researchers, more than half of older adults cut back on everyday spending in the past year – and nearly a fifth reported having trouble paying health-related costs in the past year.

53% of respondents were stressed about their personal finances, 52% had cut back on everyday spending, and 47% said they were severely affected.

Those who were already struggling with health problems were even more affected.

“We found that about half of people over 50 said inflation had affected them a lot in the last year,” said Dr. Jeff Kullgreen of the University of Michigan, director of the National Poll on Healthy Aging. “We found that people over 50 who reported their physical or mental health as rather poor were more likely than others to have cut back on spending.”

When these cuts affect health care, the consequences can be severe. Kullgreen said it’s important to tell your doctor if you can’t afford treatment.

“When people skip routine checkups or forego routine treatment for chronic conditions like diabetes, it can lead to more health problems in the future, which in turn can lead to higher costs for the person or their health insurance, including Medicare,” Kullgreen said. “Your health care provider can do a lot to help you with your cost issues. For example, they may be able to work with you to develop a more cost-effective treatment plan, their practice or health care team may be able to develop a payment assistance program for you. In some cases, there are coupons or discount cards for things like prescription drugs.”

He recommends finding out if you are eligible for other assistance programs for food, housing or health care.

“For older Michiganders, our state has programs that can help with food, housing and health insurance costs,” Kullgreen said. “You can learn about the programs available to you at michigan.gov. You can also visit your local senior center or agency or call 211.”

A call or text to 211 is always a good start.

The survey also found that 35% of Michigan residents ages 50 and older rarely or never have money left at the end of the month, a problem younger adults also face.