How did the Great Depression affect the elderly?
The Great Depression affected the elderly significantly. As the economy dropped, the elderly were in a very precarious position. Companies were not looking to hire older workers. Thus, it was difficult for those who had lost their job to find a new one. The elderly were also impacted by the bank failures. Many of the elderly had a significant portion of their savings in the banks. When the banks closed, some lost a significant portion, if not all, of their savings.
There were other factors that impacted the elderly. The elderly were impacted by the stock market crash. Many people in this group had invested heavily in the market. When the stock market dropped, many of the elderly lost their investments. If they still had a mortgage to pay, the possibility of losing their home was high since they had lost much of their money in the stock market crash and/or in the bank failures. Many times, the elderly had to help other relatives that were struggling because of the Great Depression. This brought added pressure to the elderly.
The Great Depression impacted the elderly in several ways.