With the never-ending news of things like tariffs, taxes and more, it can be hard to feel confident about how you choose to spend your money. However, in new research by AARP, obtained by Woman’s World, 62% of the 50+ population still “maintain an unchanged standard of living despite the economic headwinds.” We examine this study below and discover ways to save even more money.
What to know about Adults 50+ and their finances
The 50+ population represents 108 million Americans with over $8.3 trillion in collective spending power.
Danielle McMurray, Vice President of Marketing at AARP Media Advertising Network, shared that, rather encouragingly, “few in the 50+ population express concern about paying bills, whether it’s daily living expenses or larger commitments like mortgages and loans. Most interestingly, 67% express confidence about retirement security even as widespread economic uncertainty rules the news cycle.”
But what exactly makes this group so resilient when it comes to finances? McMurray believes that it is because it’s “a group that has weathered multiple economic struggles—from the 2008 financial crisis and the dot-com bubble to various recessions—and emerged with practical knowledge and a psychological fortitude others may not have developed.
“Meanwhile, their smart retirement savings strategies, often decades in the making, provide security that enables them to view current challenges as temporary rather than catastrophic. They’ve learned to distinguish between market noise and genuine threats, having seen boom-and-bust cycles that ultimately were resolved through patient, strategic thinking,” she continued. “Many have reached their peak earning years or transitioned to retirement with an established financial cushion. What’s more, they are less likely to carry student debt and more likely to own their homes outright, largely reducing vulnerability to economic shock.”
Because of this statement, she is confident that “the 50+ population isn’t just weathering economic anxiety—they’re thriving in it. That financial resilience offers both personal security and broader economic stability, creating opportunity for brands savvy enough to recognize that the best strategy is built on the sturdiest foundation.”
Smart ways to save on everyday expenses
If you aren’t one of the 62% of the 50+ population that feels confident with their money in the current political climate, don’t worry, there are ways that you can help slash your spending habits.
How to save on prescriptions
For a lot of people, prescriptions are a huge financial burden. If that’s the case for you, then Hussain Lalani, M.D.,a Harvard Medical School professor, recommends using prescription drug discount sites, such as GoodRx.com, RxSaver.com and SingleCare.com. He does warn that “coupon discounts vary by pharmacy and ZIP code,” so be sure to double-check the deal before you go.
How to save on groceries
Another huge cost for people’s groceries. To save on those, Hillary Swetz, a frugal shopper at HomegrownHillary.com, recommends checking out “store coolers for ‘hidden’ clearance items.”
“These are perishable foods that can’t be put on the clearance end caps because they have to remain in the cooler,” she explains. “They’re sometimes scattered among the regularly priced items—you just have to look for the clearance sticker, which is usually yellow and easy to spot.”
How to save on gas
Finally, gas. With oil prices spiking, there’s a chance you may have to spend more money to fill up your tank. To help avoid that, be sure to check out gas discount programs, like Amazon Prime’s new fuel savings program. Once enrolled, you can save up to 10 cents off every gallon at gas stations like BP, Amoco and AM/PM. There are over 7,500 stations nationwide so far, and the delivery service plans to add more.
To learn more about this program, including how you can sign up, click here.
