Spending Behaviors of Older Women Living in an Assisted Living Facility

Abstract

A major demographic trend in the United States is the increasing older adult population. According to the US Census, the number of persons, ages sixty-five and older has increased approximately 4 million in 2000 and will continue to grow. As the baby boom generation reaches retirement, one issue facing older adults is how to assess and manage their housing and living expenses. An option for older adults that need some support, but are not totally dependent on others for their care is assisted living facilities. There is little public awareness about the cost associated with this housing option. The purpose of this study is to examine the monthly expenditures of older adult women living in an assisted living facility located in rural southwest Virginia. Interviews with the women identified spending patterns and the actual living expenses beyond the base rate residents pay each month. The findings highlight the array of expenses for older adult women living in an assisted living facility.