CFPB: Low Housing Payments Signal Better Senior Financial Well-Being

A report from the Consumer Financial Protection Bureau's (CFPB's) Office of Financial Protection for Older Americans determined American homeowners have a greater degree of financial well-being than non-owners, while lower housing costs also correlate to more positive financial well-being, according to ReverseMortgageDaily . The CFPB says the survey aims to provide "detailed information on the financial well-being scores by individual characteristics and issues of interest to people who work with older adults." Overall, general financial well-being improves with age before resuming a decline at later ages. The report noted older homeowners also have a greater degree of autonomy than non-homeowner peers, but both renters and homeowners are united in that their low monthly housing costs are "positively associated with financial well-being." A higher level of financial well-being also was observed among older adults who express much satisfaction with their housing situation and/or community, compared with those who are less satisfied. "Among older homeowners, carrying a high mortgage balance is negatively associated with financial well-being," the report stated.