Promoting Aging Well By Providing Financial Counseling For Elderly People With Low Income
Topic: Financing care in later life, income programs.
write an evidence-based, persuasive* paper. Using evidence from your literature search, support why this strategy (program, service, activity) supports aging well. Length: APA style, 5 - 7 pages, not including title page and References page; follow font size, margins, citation style, use of headings; no abstract needed. Your general outline will include an introduction / purpose section and a conclusion section, and your main section will include an integrated summary of the literature (not a paragraph summarizing each article) and your analysis.
Include approximately three to four sources of evidence (research) that are sufficiently current to suggest why this strategy currently supports aging well. We negotiated that the sources should at least be from the 2000s: I want you to consider whether your source is "new" enough to look like you are aware of some of the more recent thinking on your topic. *You will be "persuasive" if the literature that you include is used to argue that your strategy supports aging well.
Example program: https://www(dot)leadingage(dot)org/magazine/may-june-2018/Financial-Counseling-for-Low-Income-Seniors-V8N4
General point distribution for assignment:
Introduction to strategy to promote aging well and brief background (10 points)
Integration of literature and analysis (5 points) to persuade reader why this promotes aging well (5 points), and conclusion, with possible recommendations (5 points).
Correct formatting / style (5 points)
Financial Counselling for Elderly People with Low Income
Name
Institution
Due Date
Financial Counseling for Elderly People with Low Income
Statistics on older adults especially regarding income is quite shocking. In his article, Mitchell (2018) offers several facts regarding older adults and the first is that “32% of adults 53-62 have no retirement savings.” This is indeed shocking keeping in mind that most of these individuals may not be able to work after they retire. He also says that “30% of seniors experience a zero or negative budget every month after paying for basic needs.” Senior citizens are the most susceptible to diseases and having no money left even for emergencies means that they are widely exposed. Mitchell then notes that “a third of adults 50 and older pay an excessive share (more than 30%) of their income for housing.” This erodes their money and eats into the amount that they might have saved for rainy days. But, can these people be helped and be taught to manage their income better? The answer is yes. Low-income older adults can indeed be taught some financial education which can help them plan and know when to trade-off. This article seeks to support the notion or idea of financial counseling for older adults with low income while showing how this will help them age well.
The first thing that financial counseling for the elderly with low-income will do is help them manage healthcare expenses. For the past few years, news about the bulging or growing size of the older adults in the United States has been circulating. In a 2018 press release from the United States Census Bureau, the number of the elderly is projected to “outnumber children for the first time in U.S. history.” This has necessitated efforts to ensure that the elderly age gracefully. MacLeod et al. (2017) note that helping the elderly achieve optimal health outcomes is currently a priority. The researchers continue to note that “both financial and health literacy become increasingly important with age, impacting older adults and their quality of life.” As people age, they face the challenge of managing their healthcare and financial needs. However, with financial counseling, an older adult could find life quite bearable, and their health needs manageable. An organization such as ESOP is working with the elderly to make sure that it helps them learn different strategies of managing their finances. Mitchell (2018) notes that ESOP “teams with a local health system to work with patients before hospital discharges to coach them on a financial plan related to lifestyle and housing.” The results are that “patients improve their health and” are not as readily readmitted as they are often expected to be. Financial counseling will thus help the elderly manage their healthcare expenses better than before.
It is also crucial for the elderly to go through financial counseling because it helps reduce financial stress. MacLeod et al. (2017) note that “money management to pay for monthly premiums, out-of-pocket copayments, unpredictable healthcare expenditures, long-term care expenses, and all other living expense add to financial stress.” Financial stress, on the other hand, can also lead to a myriad of problems ranging from “poor health to increased risk of suicide and stresses a community’s social fabric” (Mitchell, 2018). However, having financial counseling with the elderly can help reduce this. When the elderly know how to manage their income, it becomes easy to set aside money for emergencies as well as for monthly premiums. The lack of financial knowledge among the elderly is a major problem, and instead of trying to help them financially, it will be better if they are given financial education to help them manage their income better. The lack of basic financial skills is a problem that needs to be weeded out. Dealing with this will help prevent certain diseases which are stress-instigated.
It is also crucial to note that financial counseling for the elderly will help reduce debts among the elderly. Because of the lack of financial knowledge, a majority of the elderly spend a lot of money on things that they never use. A good example is included in Mitchell’s article where he notes that some adults pay close to or more than $150 for cable, ...