A study led by the University of California, Riverside and Georgetown University has found a link between financial instability in midlife and lower cognitive function among older Black Americans.
The study leveraged over two decades of data on over 7,900 older Americans collected by the Health and Retirement Study – a database established by the University of Michigan, the National Institute of Aging, and the Social Security Administration. In their analysis, the authors found that Black Americans, on average, had less low-cost debt during midlife than White Americans. Aligned with numerous prior studies, the authors also found Black Americans were more likely to experience cognitive health concerns such as dementia or Alzheimer’s disease.
Low-cost debt, such as a home mortgage, has the potential to drastically improve an individual’s financial stability and quality of life. This disparity in acquiring low-cost debt could result in increased economic distress for Black Americans, thereby preventing their access to quality healthcare. Therefore, the authors believe there is an urgent need to address the structural racism that has led to disparities in borrowing opportunities between White and Black Americans.
