Adequate resources allow for options in terms of housing, leisure, life-style, health care, and a variety of other choices. Older people without money have far fewer options. Fortunately, available data suggests that the overall financial well-being of older adults has been improving during the past 40 years. Moreover, according to the U.S. Bureau of Census, while about 3.3 million elderly persons had incomes below the poverty level in 1985, the poverty rate for persons 65 and older was 12.4 percent as compared to a 14.7 percent rate for persons under age 65. The above figures, however, must be reviewed with some caution.
Significant differences exist in terms of income among various groups of older adults.
According to a 1989 study completed by Ken Dychtwald, author of Age Wave, Americans over age 50 spend more money on travel and recreation than any other age group. Moreover, this population eats in restaurants an average of three times per week, purchases 25 percent of all alcoholic beverages, and gambles more than any other age group. The significance of this information to the leisure profession is profound. The popularity of retirement communities which cater to individuals seeking activities and social interaction in a safe, controlled environment, will continue to grow. The leisure travel industry, already experiencing unprecedented growth, will almost certainly enjoy a boom in eager consumers.