A research survey of more than 52,000 people done by the Institute for Financial

Jackie Farwell

Source

Mainebiz

Date

10-3-2011

Pages

1, 16-17

Abstract

A research survey of more than 52,000 people done by the Institute for Financial Literacy in South Portland has shown that bankruptcies are increasing among older Americans with higher education and higher income levels. Over the past five years, the bankruptcy rate for those earning more than $60,000 per year has risen 66%, the rate for those with degrees has risen 20%, and the rate for those aged 45 and older has increased 19%. When older Americans suffer bankruptcy, they have less time to rebuild their finances. And these rates demonstrate that groups previously thought to be "immune" to bankruptcy are now more vulnerable.

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