Lately, I’ve been hearing about elder poverty. It’s not so bad being poor when you’re young, but not great when you’re old. Aches and pains, family problems, and life history are plenty to deal with when you’re up there in age. Poverty makes these struggles dire.
Unfortunately, my best advice for avoiding elderly poverty is good financial knowledge and behaviors starting during youth. A friend of mine just had a baby. He opened a savings account for her college already, which provides an easy way for family and friends to contribute to the baby’s well-being without adding to the already copious amount of objects that she already has.
Lacking Financial Literacy
Unfortunately, financial literacy is left to families since it is not addressed in school. I wish it were taught starting in kindergarten! Once, I had the privilege of leading a group of counseling sessions for homeless victims of domestic violence. During one session, the subject was money. When I asked them if they talked about money in their homes, only one of them said that her grandfather did. I cannot help but wonder if this lack of knowledge contributed to their homelessness.
Beliefs like “money is a source of evil” and “money can’t make you happy” contribute to financial ignorance. Research shows that up to a certain point, money can contribute to happiness. After that point, it makes no difference. However, individuals lacking compassion and empathy who are fabulously wealthy are probably not very happy, because money cannot buy meaningful relationships.
My heart goes out to elders who are poor. It’s not an easy road to be on. If you or someone you know is in that situation, reach out to the Area Agency on Aging (a state service), which can provide direction to resources to help.
Missouri DHSS Area Agencies on Aging and Services
Referrals Welcome.
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- Milkos(Prostock Group Limited) – Image File – via depositphotos.com
- kasto(Matej Kastelic) – Image File – via depositphotos.com
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