Three-quarters of U.S. low-income older adults experience financial strain, defined as difficulty paying monthly bills, which increases risk for earlier mortality and disability. This study conducted in-depth individual interviews using a semi-structured interview guide to 1) describe the financial situations of low-income older adults and 2) explore the strategies they prefer and they use to handle finances. We used qualitative content analysis to identify and describe key themes in participant responses. Among 11 urban, community-dwelling participants ages ≥65 years, nine were female and nine were African American. Most reported financial strain and had experienced a recent unexpected financial challenge, including a large unexpected expense or loss of income. Key themes emerged regarding how they handled their financial situation. “I have to budget” reflects the time and effort spent planning and prioritizing needs. “I know what I need” describes how participants typically buy essentials, such as staples, but not clothing, foods they liked, and sometimes heat. “I lowered my standards” describes stretching money by selecting cheaper items. “Get help if you just reach out” explores strategies such as arranging payment plans for large expenses. “So, that’s where things are” explores how strategies commonly preferred for handling financial challenges, such as using public benefits programs, were typically different from strategies actually used by participants, such as using credit cards. These findings can inform the development of policies and programs that meet the financial needs of low-income older adults, complement their existing resources and are aligned with their preferences.
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