Social and Economic Factors

Older adults faced rising rates of internet crime.

Age-related cognitive decline

and higher average net worth

make older adults frequent victims of fraud

.^24,25,26 Fraudulent activities

often inflict significant financial losses on older adults, in addition to negative emotional responses like depression, anxiety, self-blame and shame.²⁷ Fear of being scammed can also lead to social isolation as older adults withdraw from online activities that connect them with loved ones. In 2023, victims age 60 and older in the U.S. cumulatively lost more than $3.4 billion

to internet fraud.²⁸

Poverty among older adults increased 4% in 2023 to another new high, with significant differences between populations.

Poverty is associated with chronic disease, mortality

and poor health outcomes

.^29,30 Many older adults subsist on limited incomes and modest savings

that may restrict their ability to afford basic medical care.³¹ Furthermore, studies show that older adults living in poverty experience higher rates of disability

, homelessness

, and physical and cognitive decline

.^32,33,34  

Changes over time. Nationally, the percentage of adults age 65 and older living below the poverty level significantly increased 4% from 10.9% to 11.3% between 2022 and 2023 — a new high in Senior Report history. Poverty among older adults remains higher than the Healthy People 2030 target to reduce the proportion of people of all ages living in poverty to 8.0%

.³⁵ In 2023, 6.5 million older adults lived in poverty, 346,500 more than in 2022.

• 2.2 times higher in Mississippi (15.8%) than in Alaska (7.2%).
• 2.1 times higher among other race (19.5%) and Black (19.2%) older adults compared with white older adults (9.1%).

Key social support measures improved, potentially bolstering older adults’ connectivity and engagement.

High-speed internet is a vital resource

for work, education and effective communication.³⁶ Many essential services require an internet connection, including telemedicine

and telehealth

.^37,38 Older adults in particular can benefit from broadband access, as it facilitates social connectedness

and enables access to news, information and essential services.³⁹ Some studies

have found that technology such as smartphones and social networking sites may help combat loneliness

among older adults.^40,41 Despite its necessity, barriers

to accessing high-speed internet remain, including cost and deficient infrastructure.⁴²  

Volunteering serves the community and offers volunteers opportunities for positive social interactions

, increased social support, and a sense of meaning and purpose

during retirement.^43,44 Many volunteer opportunities involve active mental and physical engagement, socialization and learning, all good for cognitive function

.⁴⁵ Emerging evidence

shows that older adults who volunteer regularly have fewer cognitive complaints and a lower risk for dementia compared with those who do not volunteer regularly.⁴⁶  

• 23% among high school graduates (13.3% to 16.3%) and 16% among college graduates (32.5% to 37.8%).
• 22% among men (20.7% to 25.3%) and 17% among women (23.2% to 27.2%).
• 19% among white older adults (25.2% to 30.0%).

• 4.4 times higher among college graduates (37.8%) than those with less than a high school education (8.5%).
• 3.1 times higher among white (30.0%) compared with Hispanic (9.6%) older adults.
• 3.5 times higher in Utah (44.6%) than in Nevada (12.9%).
• 2.5 times higher among older adults with an annual household income of $150,000 or more (37.8%) than those with incomes less than $25,000 (15.0%).