Review the graphs of people's spending habits. The first graph represents the spending for people between the ages of 55 and 64, for a household total of $52,267. Ages 55-64 $52,267 total household spending 2019 StrongMind A pie chart as shown. Food © 2019 StrongMind A pie chart as shown. ■ Clothing ■ Healthcare ■ Food 11.7% Clothing 5.1% ■ Healthcare 8.8% Contributions to pensions/Retirement Accounts 12.6% 2.2% 4.4% 15.6% 16.6% The second graph represents the spending for people who are 75 years and older, for a household total of $36,673. 14.1% 13.9% 12.1% ■ Contributions to pensions/Retirement Accounts 3.2% 1.9% Housing Ages 75 and over $36,673 total household spending ■ Transportation ■ Entertainment ■ Other 11.9% ■ Housing ■ Transportation 32.0% ■ Entertainment ■ Other 36.5%

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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### How do spending habits change as Americans age?

- The share of the 75+ population's spending on housing and food is the same as that of the younger group.
- Healthcare costs stay the same.
- The share of the 75+ population's spending on health care is nearly double that of the younger group.
- The largest change in spending habits is in clothing.

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If there are any graphs or diagrams to explain the above points in detail, they should illustrate the distribution of spending across different age groups, highlighting areas such as housing, food, healthcare, and clothing. For instance, a bar graph might show the percentage of total spending allocated to each category for both the 75+ population and a younger group. This would visually represent the significant increase or decrease in spending categories like healthcare and clothing as Americans age.
Transcribed Image Text:--- ### How do spending habits change as Americans age? - The share of the 75+ population's spending on housing and food is the same as that of the younger group. - Healthcare costs stay the same. - The share of the 75+ population's spending on health care is nearly double that of the younger group. - The largest change in spending habits is in clothing. --- If there are any graphs or diagrams to explain the above points in detail, they should illustrate the distribution of spending across different age groups, highlighting areas such as housing, food, healthcare, and clothing. For instance, a bar graph might show the percentage of total spending allocated to each category for both the 75+ population and a younger group. This would visually represent the significant increase or decrease in spending categories like healthcare and clothing as Americans age.
## Household Spending Habits by Age Group

### Ages 55-64: $52,267 Total Household Spending

The first graph illustrates the spending distribution of individuals aged 55 to 64, with a total household expenditure of $52,267. The distribution is shown in a pie chart with different categories of spending:

- **Housing**: 32.0%
- **Transportation**: 16.6%
- **Food**: 12.6%
- **Healthcare**: 12.1%
- **Contributions to pensions/Retirement Accounts**: 11.7%
- **Entertainment**: 8.8%
- **Clothing**: 5.1%
- **Other**: 3.2%

![Pie chart showing spending distribution](https://example.com/graph)

*Graph Source: © 2019 StrongMind*

### Ages 75 and Over: $36,673 Total Household Spending

The second graph shows the spending pattern for people aged 75 and older, with a total household expenditure of $36,673. This is also depicted in a pie chart format with the following categories:

- **Housing**: 36.5%
- **Healthcare**: 15.6%
- **Food**: 14.1%
- **Transportation**: 11.9%
- **Contributions to pensions/Retirement Accounts**: 4.4%
- **Entertainment**: 2.2%
- **Clothing**: 1.9%
- **Other**: 13.4%

![Pie chart showing spending distribution](https://example.com/graph)

*Graph Source: © 2019 StrongMind*

The two charts provide a clear comparison of how household spending priorities shift between the age groups of 55-64 and those aged 75 years and over. Noticeably, there is a significant increase in spending on housing and healthcare as individuals age.
Transcribed Image Text:## Household Spending Habits by Age Group ### Ages 55-64: $52,267 Total Household Spending The first graph illustrates the spending distribution of individuals aged 55 to 64, with a total household expenditure of $52,267. The distribution is shown in a pie chart with different categories of spending: - **Housing**: 32.0% - **Transportation**: 16.6% - **Food**: 12.6% - **Healthcare**: 12.1% - **Contributions to pensions/Retirement Accounts**: 11.7% - **Entertainment**: 8.8% - **Clothing**: 5.1% - **Other**: 3.2% ![Pie chart showing spending distribution](https://example.com/graph) *Graph Source: © 2019 StrongMind* ### Ages 75 and Over: $36,673 Total Household Spending The second graph shows the spending pattern for people aged 75 and older, with a total household expenditure of $36,673. This is also depicted in a pie chart format with the following categories: - **Housing**: 36.5% - **Healthcare**: 15.6% - **Food**: 14.1% - **Transportation**: 11.9% - **Contributions to pensions/Retirement Accounts**: 4.4% - **Entertainment**: 2.2% - **Clothing**: 1.9% - **Other**: 13.4% ![Pie chart showing spending distribution](https://example.com/graph) *Graph Source: © 2019 StrongMind* The two charts provide a clear comparison of how household spending priorities shift between the age groups of 55-64 and those aged 75 years and over. Noticeably, there is a significant increase in spending on housing and healthcare as individuals age.
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