More than half (55%) of Americans over 50 fear they haven’t budgeted enough money for monthly medical expenses, of which nearly a third (31%) are very or extremely worried.
Barclays commissioned the investigation as part of the launch of its new line of co-branded credit cards designed for AARP members. The survey covers a wide range of topics, including how Americans 50 and older plan to spend their time after the pandemic, how the pandemic has influenced their spending on medical services and their outlook for retirement.
“Understanding the audience in each of our counties is vitally important to our success,” said Nichelle evans, Managing Director, Travel and Affinity Programs, Barclays. “Our new line of co-branded credit cards for AARP members provide valuable cash back in areas important to these consumers, including health-related expenses as well as valuable travel reward benefits.”
Barclays AARP® Essential Rewards Mastercard® is designed to provide cash back on medical and pharmacy expenses, and Barclays AARP® Travel Rewards Mastercard® rewards those who wish to resume travel after the pandemic is over.
For those who travel, the survey indicates that there is an increased appetite for indulging in more luxury experiences once it is safe to do so. In the past 10 years, only 23% have traveled first class and 19% have dined at a Michelin-starred restaurant. However, over the next 10 years, 36% of survey respondents plan to travel first class and 30% plan to dine at a Michelin-starred restaurant. Almost half (45%) of those polled said they would dine out more when the pandemic ended. Men (71%) are more likely than women (54%) to anticipate luxury experiences over the next 10 years.
Additional survey results include:
- Almost half (48%) postponed an elective visit to a doctor or specialist due to COVID-19, indicating pent-up demand for medical services once the risk of a pandemic has passed.
- Those who are concerned about not budgeting enough for medical expenses are more likely to have postponed their appointments than those who are not affected (58% vs. 36%).
- 65% of those surveyed plan to spend more time with their families when the pandemic comes to an end.
To address issues of social isolation, Barclays’ new AARP credit cards support the AARP Foundation’s work to increase social bonds through United States. Essential Connections Powered by Barclays will donate up to $ 1 million every year to support the efforts of the AARP Foundation to equip seniors with the tools they need to stay physically and mentally healthy and connected to their communities.
For more information visit www.AARPcreditcard.com.
Barclays US Consumer Bank is a leading co-branded credit card issuer and financial services partner in United States which creates highly personalized programs to retain and retain customers for some of the country’s most successful travel, entertainment, retail and affinity institutions. The bank offers co-branded credit cards, small business credit cards, installment loans, POS finance, online savings accounts, and CDs. For more information, please visit www.BarclaysUS.com.
Barclays is a British universal bank. We are diversified by activity, by different types of clients and clients, and by geography. Our businesses include global consumer banking and payments, as well as a leading, full-service global merchant and investment bank, all of which are backed by our technology-providing services company. , operations and functional services to the entire Group. For more information on Barclays, please
About the AARP Foundation
The AARP Foundation works to end poverty among the elderly by helping vulnerable people over the age of 50 create economic opportunities. Our approach emphasizes equitable outcomes for populations who have faced systemic discrimination. As a charitable affiliate of AARP, we serve members and non-members of AARP. Through vigorous legal advocacy and evidence-based solutions, and by building supportive community bonds, we foster resilience, advance equity and restore hope. To learn more, visit aarpfoundation.org or follow @AARPFoundation on social media.
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our business. With connections in more than 210 countries and territories, we are building a sustainable world that opens up invaluable possibilities for all. www.mastercard.com
AARP is the nation’s largest non-profit, non-partisan organization dedicated to empowering people 50 and over to choose their lifestyle as they age. With a national presence and nearly 38 million members, AARP strengthens communities and advocates for what matters most to families: health security, financial stability and personal development. The AARP also produces the country’s most widely distributed publications: AARP The Magazine and AARP Bulletin. To learn more, visit www.aarp.org, www.aarp.org/espanol or follow @AARP, @AARPenEspanol and @AARPadvocates, @AliadosAdelante on social media.