New Study: Rising Costs Forcing Critical Trade-offs for Seniors

Inflation has been trending downward since last year, but seniors are still feeling the pinch. More than six in 10 are frustrated by rising costs, and many are making difficult trade-offs to cope. A recent Pollfish survey, commissioned by My OTC by Chapter and published in February, found that more than 98% of respondents experienced cost increases, including in categories such as groceries (experienced by 86%), utilities (66%) and basic necessities like toilet paper and toothpaste (57%). About 18% have seen doctor visits or Medicare increase.  About two-thirds of respondents have cut back on spending as a result. Disturbingly, some of the most significant cutbacks have the potential to impact seniors’ physical and emotional health.

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Food

Seniors were most likely to have cut back on food, with 43% saying they’d cut back. When asked if they’d changed what they eat or what they spend on food, that number grew to 67%. Some of those changes are minor — choosing generics over name brands, for example, or waiting to buy things until they’re on sale. But a surprising number have made changes that could impact their health, such as buying cheaper cuts of meat and eating less meat and fewer fresh vegetables.

Of all the tradeoffs seniors made, food and groceries have been the hardest by far, according to an open-ended question that allowed respondents to write in their answers. Some are struggling to buy enough food for themselves and their families.

Healthcare is another significant trade-off. More than 25% have delayed or skipped medical care or prescriptions because of cost.

Utilities

Nearly 22% said they’d cut back on home heating/cooling because of rising costs, with many respondents noting that they were struggling to keep their homes warm. Among them was a cancer patient whose treatment-related weight loss makes it especially difficult to stay warm with reduced heat.

Healthcare

Healthcare is another significant trade-off. More than 25% have delayed or skipped medical care or prescriptions because of cost, with about 17% reporting that they do so regularly (3.6%) or occasionally (13%).  Although fewer people named medical care as their most difficult tradeoff, those who did were making serious compromises, such as stopping a medication or taking prescriptions less often to stretch them further and delaying necessary procedures.

Several participants said they’d given up or were considering giving up diabetes medicine. According to one, “With an increase in our gas, $1,000 for my diabetic medicine is out.”

Recreation: Social Activities, Hobbies and Travel

Social activities, hobbies and travel have been some of seniors’ hardest things to cut back on, but about 31% have cut back on social activities and hobbies; another 26% have reduced travel. These tradeoffs have isolated many of the survey participants. Well over half see friends less frequently. Many who travel to spend time with family and friends are no longer able to do so, whether because of the cost of travel itself, or because the rising costs of necessities is stretching their budgets.

One senior said travel cutbacks were hardest because her grandchildren and siblings all live in other states. Another said, “I couldn’t go to my son’s college graduation and cannot afford to go to my grandson’s wedding.”

Overall, the seniors who participated in the Pollfish survey have coped with rising costs by making common-sense changes in how they spend their money and what they spend on. But for too many, the tradeoffs pose immediate and long-term threats to physical health and emotional well-being.

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