WI20-Q2: Economic Security of Older Adults during the COVID19 Crisis: Early Data to Inform Research and Policy

Researchers

Abstract

This project develops a new credit panel dataset of older adults that provides insights on how older adults with debt are faring in the COVID19 economic context. The descriptive analysis will provide insights into the economic impact of COVID19 on households age 50 and older by (1) using comprehensive, real-time credit report data to track indicators of financial distress including the accumulation of high cost debt, (2) identifying populations most vulnerable to debt problems such as delinquencies and the use of alternative financial services and/or high-cost credit,including by reported occupation, household size,and income, (3) estimating the effects of restricted access to credit for older adults, including retrenchment of home equity loans and lender-provided loan modifications, and (4) exploring differences based on federal and state policy interventions in response to the COVID19 pandemic and ensuing economic recession.

Project Year

2020




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