My question: did the research/survey include people from across the full income spectrum? If so, did you analyze differences by quintile groups or by %poverty level?
It's easy for wealthy households (or even mid-range households) to adapt to a reduction in income/spending. By contrast, it seems almost certain (to me) that retirees with income below 200% (or even 300%) of poverty level would find it much more challenging to adapt to reduced income/spending.