| | | | As reported by Visual Capitalist, an aging population will be the source of major demographic challenges in the coming years. In 1975, the median age in the United States was just 28 years old. However, it’s been rising fast as the Baby Boomers age, and it’s expected to break the 40 year mark by 2030. This shift is so fundamental that its ripples will be felt in almost every area imaginable. How we manage this change will have implications on the economy, culture, and politics – and it will almost certainly affect our personal wealth and investments, as well. In more numerical terms – the number of Americans aged 65+ is projected to jump from 46 million today to over 98 million by 2060, and the 65+ age group’s share of the total population will rise to nearly 24%. This is mainly a function of a big generation (Baby Boomers) hitting their later years, and improved life expectancy and healthcare. According to the Population Reference Bureau, aging Baby Boomers could mean a massive 75% increase in number of Americans requiring nursing home care, from 1.3 million in 2010 to 2.3 million in 2030.
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According to a 2015 survey by the Bureau of Labor Statistics, individuals age 75 and over spent more of their leisure time watching TV, reading, and relaxing and thinking than individuals ages 15 to 19. The younger age group spent more of its leisure time engaging in sports and exercise and playing games and using the computer for leisure. They spent the same amount of time socializing and communicating. More findings: On an average day, nearly everyone age 15 and over (96%) engaged in some sort of leisure activity such as watching TV, socializing, or exercising. Of those who engaged in leisure activities, men spent more time in these activities (5.8 hours) than did women (5.1 hours); Men were more likely than women to participate in sports, exercise, or recreation on a given day—23% compared with 18%. On days they participated, men also spent more time in these activities than did women—1.7 hours compared with 1.2 hours; On an average day, adults age 75 and over spent 7.8 hours engaged in leisure activities—more than any other age group; 35- to 44-year-olds spent 4.0 hours engaged in leisure and sports activities—less than other age groups; and employed adults living in households with no children under age 18 engaged in leisure activities for 4.5 hours per day, 1.1 hours more than employed adults living with a child under age 6.
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University of Illinois Extension is offering a state-wide training for All My Money: Change for the Better in Chicago, Decatur, Lake Villa, and Kankakee. This research-based curriculum was designed for agency staff, social workers, and educators who are seeking opportunities to incorporate or to enhance the type of financial education they deliver to their clientele. The curriculum follows the Financial Literacy and Education Commission (FLEC) guidelines for financial education core competencies. The content of the curriculum includes several lessons: (a) Who Am I with Money, (b) Tracking Spending, (c) Savings, (d) Spending Plans, (e) Money Services, (f) Credit, (g) What Happens When You Don’t Pay, and (h) Credit History and Score. These lessons use discussions, games, case examples, and other practical applications to everyday life. To register for a class or to learn more about All My Money: Change for the Better, go to http://go.illinois.edu/ammTrainings or contact Kathy Sweedler, consumer economics extension educator, at sweedler@illinois.edu or 217.333.7672.
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