More than half of older Michiganders are feeling the impacts of inflation, are stressed about their finances, and are cutting back on everyday expenses to make ends meet.
The findings from a recent National Poll on Healthy Aging from the University of Michigan show many Michiganders over the age of 50 continue to struggle in the wake of the pandemic, due in large part to inflation that has required some to skip needed medical treatment to get by.
“In the last year, 58% of older Michiganders say they’ve cut back on spending, 51% say they’ve been impacted by inflation a great deal, 57% say they have felt some or a lot of stress about the personal finances, and 15% say they’ve avoided or delayed spending on health care or health-related costs,” according to the report released on July 11.
Go Ad-Free, Get Content, Go Premium Today - $1 Trial
The poll based at the University of Michigan Institute for Healthcare Policy and Innovation surveyed 1,079 Michiganders over the age of 50 in February and March as part of a National Poll on Healthy Aging supported by AARP and Michigan Medicine.
“Michigan’s unemployment rate is now just under 4 percent, the same as the national average,” UM health Economist Helen Levy said. “But that doesn’t mean that everyone is doing well across the board.”
An interactive data dashboard from the poll shows Michiganders aged 50 to 64, those with household incomes under $60,000, and respondents with fair or poor mental health are among the most likely to stress about spending and cut back on needed health care treatment.
The survey shows older Michiganders are also more likely to report they’re under financial pressure than their counterparts in other states.
Go Ad-Free, Get Content, Go Premium Today - $1 Trial
“For instance, 52% of people age 50 and older outside Michigan said they have cut back on spending, and 16% say they have felt a lot of stress about their finances, compared with 58% and 21% in Michigan,” according to UM. “And 35% of older Michiganders said they rarely or never have money left at the end of the month, compared with 25% of non-Michiganders.”
Other recent research shows older residents aren’t the only ones struggling to survive in a state that shifted to Democratic control over all three branches of government two years ago.
A 2024 United for ALICE report produced by United Way illustrates the pain for Asset Limited, Income Constrained, Employed residents, and those living below the federal poverty line. Between the two categories, the report shows, roughly 200,000 more Michiganders were struggling to afford basic necessities than when Whitmer took office in 2019.
“The cost of basics is increasing faster than the overall rate of inflation, as reported by the ALICE Essentials Index,” the report reads. “And it has gotten even harder for ALICE to keep up with bills than at the height of the pandemic.
“According to the Household Pulse Survey, 55% of households below the ALICE threshold in Michigan reported that it was somewhat or very difficult to pay for usual items such as food, rent or mortgage, car payments, and medical expenses in October 2023, up from 47% in August 2020.”
Other research from UM echoes those findings.
A Michigan Poverty & Well-being Map published by UM in March detailed the various ways residents in different regions of the state are struggling to get by.
The research details skyrocketing housing costs near Detroit and in northwest Michigan, high rates of food insecurity in the east central region, lagging wages in east Michigan, high child poverty rates in the northeast, and the detrimental impact of poor educational outcomes in the south central region.
The data shows residents across the Upper Peninsula are dealing with average housing and transportation costs that eat up half of their income, while folks in the southwest earn 8% less than the state median, including nearly 22% in Benton Harbor who earn half of the federal poverty threshold.
Still other findings point to racial disparities in economic security in southeast Michigan, and the state’s record low income and high child poverty rates in Lake County, which are driven in part by sky-high high school dropout rates, according to the UM analysis.
The reports detailing the results of Michigan’s poor economic policies are among scores of others documenting business losses, falling educational outcomes, deteriorating roads, violent crime, population declines, and other troubling trends since the pandemic.