The New Jersey State Policy Lab recently published a report synthesizing results from New Jersey Advocates for Aging Well’s February 2024 survey that polled state residents 60 years old and older about the challenges related to aging in New Jersey.
The report, entitled “Economic Challenges for Older New Jersey Residents,” explains that, among many other states in the U.S., New Jersey has an aging population. Statewide majority demographics are shifting to the older population and New Jersey is unprepared, as per the report.
“A projected tipping point is less than a decade away, when residents over the age of 65 are expected to outnumber the number of students in our classrooms,” the report’s summary said.
According to the report, 53 percent of the survey’s respondents listed finances as their major concern with aging in New Jersey, and only 38 percent of respondents felt they saved enough money for retirement. Responses also found that nearly 80 percent of older New Jerseyans rely on Social Security as one of their main sources of income.
Co-authors of the report include Edward J. Bloustein School of Planning and Public Policy Professor Anita Franzione, as well as two School of Arts and Sciences seniors, Audrey Meng and Meryam Yaglidere. Cathy Rowe, executive director of the NJ Advocates for Aging Well and a research affiliate with the New Jersey State Policy Lab, is also a co-author of the study.
As needs for the older population continue to shift, the report suggested that New Jersey policies mirror those of surrounding states, such as New York and Pennsylvania, specifically in their approaches to housing and supporting older workers.
The authors also encouraged New Jersey’s development of a Multi-Sector Plan for Aging and said that the state holds potential to implement a sliding scale model to offset healthcare costs by adjusting to patients’ financial needs. This, the report said, will ensure that anyone, regardless of income status, will be able to receive care.
“Over 60 residents stated that without support or assistance, they will be forced to leave the state or become completely impoverished,” according to the report. “They are asking for help.”