*A new study concludes that millions of African American and Hispanic senior citizens are “living on the edge of financial collapse.”
The report released last Wednesday is entitled “Severe Financial Insecurity among African American and Latino Seniors.” It was compiled by the public policy organization Demos and the Institute on Assets and Social Policy at Brandeis University.
According to the report, Black and Hispanic elderly face widespread financial insecurity during retirement – a trend made worse by the recession which has gripped the nation since December 2007.
In fact, the study finds that 9 out of every 10 minority households “lack sufficient resources for long-term economic security.”
“Future retirees will be worse off unless we attend to policies that grow their resources for the future, and combat the rising costs of essential expenses for seniors,” said Jennifer Wheary, report co-author and a Senior Fellow at Demos. (Taylor Media Services – www.blacknewsjournal.net)