Americans aged 50 and older are divided on their primary concerns during the COVID-19 pandemic. According to a survey by Wakefield Research for Barclays US Consumer Bank, 50% of respondents identified isolation from friends and family as their biggest challenge, while the other half cited health risks.
The survey, which included 1,000 U.S. adults aged 50 and above, revealed that more than half (55%) are worried about not having budgeted enough for monthly medical expenses. Nearly a third (31%) expressed being very or extremely concerned.
Barclays commissioned this survey to coincide with the launch of its new co-branded credit cards aimed at AARP members. The research explored various topics including post-pandemic plans, changes in spending on medical services due to the pandemic, and retirement outlooks.
"Understanding the audience of each of our co-brands is vitally important to our success," said Nichelle Evans, managing director of travel and affinity programs at Barclays. "Our new suite of co-branded credit cards for AARP members offers valuable cash back in areas that are important to these consumers, including health-related expenses along with valuable travel reward benefits."
The AARP® Essential Rewards Mastercard® from Barclays offers cash back on medical and drugstore purchases, while the AARP® Travel Rewards Mastercard® provides rewards for those planning to resume traveling after the pandemic.
Survey results indicate an increased interest in luxury experiences once it is safe to do so. In the next decade, 36% plan to fly first class compared to only 23% who have done so in the past ten years. Similarly, 30% aim to dine at Michelin-starred restaurants compared to 19% previously. Additionally, nearly half (45%) intend to dine out more when conditions improve. Men (71%) show a higher likelihood than women (54%) for luxury experiences over the next decade.
Other findings reveal that almost half (48%) postponed non-emergency medical visits due to COVID-19. Those concerned about budgeting for medical expenses were more likely to delay appointments than those who were not concerned (58% vs. 36%). Moreover, 65% plan to spend more time with family post-pandemic.
To combat social isolation issues, Barclays' new AARP Credit Cards support AARP Foundation's efforts to enhance social connections across the U.S., with donations up to $1 million annually through Essential Connections Powered by Barclays.
For further details, visit www.AARPcreditcard.com.