By Eileen Alt Powell
The Associated Press

NEW YORK - Americans 45 and older are a growing economic force, responsible for more than half the nation's consumer spending, but they often lack the skills and information to make good financial decisions, according to a study released Thursday.

The AARP says in its "Report to the Nation on Consumers in the Marketplace" that older Americans often feel overwhelmed when confronted with tasks such as choosing a health care provider or selecting investments for a retirement account or sorting through telephone service options.

Ensuring that older Americans are good consumers is important because what they don't spend on goods and services can go toward important savings goals, the report said.

"The savings that accrue from effective shopping and financial management are vital to helping consumers, especially baby boomers, find adequate resources for myriad responsibilities, including ...saving for their own retirement."

Older Americans spend an average of $38,787 a year, with nearly a third going to housing, the study found. Other major categories include 13 percent for food, 7 percent for health care, 19 percent for transportation, 10 percent for insurance and pensions, and the rest for other purposes, such as entertainment, alcohol and tobacco, and personal care products.

But consumers don't necessarily buy the best products or get the best prices, the study said.

A companion telephone survey of 1,900 older consumers found that 27 percent said they didn't have enough time to be good money managers, while 7 percent blamed a lack of knowledge about finances. Too much information - and not enough information - were also cited as obstacles.