AARP Study Paints Economic Picture in Illinois
AARP Study Paints Economic Picture in Illinois
By: State: Illinois | Source: AARP.org
With a tight economy, people across the state are struggling to balance financial demands with limited resources.
According to a recent AARP survey, over half of people 45 and older are having difficulty paying for the basics, such as medicine and utilities with many fearing losing their jobs and health care in 2009. Survey findings ring particularly true in Illinois, where unemployment rates have jumped to 7.6%, while the national average is the highest in decades.
People are looking to their lawmakers for help, with 83% of those surveyed believing the government should help people protect health care coverage for those who have lost their jobs. Eight out of 10 want the government to extend unemployment benefits, and tackle soaring health care costs.
The survey: A Year-End Look at the Economic Slowdown's Impact on Middle-aged and Older Americans, provides an update to a survey conducted in April, 2008. Key findings from the AARP survey include:
- 52% had trouble paying for food, gas, and medicine, while 45% had trouble paying for utilities
- 31% thought it was likely they would lose their job in 2009
- 55% are worried about being able to afford health care in 2009
- 31% percent feared losing their health insurance in 2009
- 9% had lost their jobs during the past 12 months (nearly double the rate from April 2008)
The full survey can be found online.
In addition to the survey, AARP recently released new Social Security data about the aging population in Illinois and some of the figures could surprise you.
Some highlights from the report include:
- In 2005, nearly half of Illinois' 65+ population would have incomes below the poverty line if they did not receive Social Security.
- One in four older Illinois residents rely on Social Security as their only source of income.
- Social Security pumps over 22 billion dollars into Illinois' economy.
- Illinois ranks 14th in income level among all states.
preview