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Researchers : Consumer Debt Among Older Adults in Rural Oklahoma
Complete Description:This study assessed the financial literacy of rural Oklahomans age 65 and older, their current use of and attitudes towards using credit cards and other types of consumer debt, and the consequences of increased debt for this population, based on a survey of 106 individuals. Overall, the financial situations and psychosocial well-being for older adults was found to be relatively positive, but those with financial pressures faced some negative outcomes. In this population, the authors conclude that increasing financial literacy and teaching basic budgeting have the potential to increase individuals’ well-being and their relationships with their family members.
Author:Eileen St. Pierre and Karina Shreffler
Funding Agency: Oklahoma State University
Type: Report;
Source: Survey data;
Language: English
Audience: Researcher