Despite displaying better confidence, reports show that women continue to face economic stress and day-to-day financial hardships.
A new report out today by the National Council on Aging (NCOA) and the Women’s Institute for a Secure Retirement (WISER) found that of the 1,022 women surveyed, 49% say they have saved for retirement. This figure drops for women who are lower income and who live in rural areas throughout the U.S. The findings show that over seven in 10 low-income women say they are not confident in their ability to plan and save for retirement, and only one-third of rural women have so far saved for the long-term.
The report, “What Women Say: Insights and Policy Solutions for Lifelong Security,” includes 314 women who live in rural areas and separates respondents by income level, ethnicity, and political affiliation. The research also surveys low-income individuals, having defined this as those making $25,000 a year, those who self-identify as lower income, working class, or middle class, and who either do not have any retirement savings or have a retirement savings of $5,000 or less.
According to the findings, a majority of the women surveyed said they do not feel financially secure, including 79% of low-income women and 67% of rural women. This was especially true for low-income white and Hispanic women, both who reported their financial security to be at a worse state than the year prior.
This financial insecurity extends to health concerns, the research reports. When asked how prepared they are for health costs later in life, women described feeling “uncertain” and “worried” over the future expenses.
“Health and financial security are the bedrocks of a good quality of life—regardless of age,” said Ramsey Alwin, NCOA president and CEO. “It’s troubling to hear that woman across the lifespan—especially those with lower incomes—continue to struggle, making it extremely difficult for them to prepare for retirement. We must do more to ensure every woman has the resources to age well.”
The survey emphasized that women understand the financial problems they face and are willing to move forward by supporting several policy solutions, including expanding Medicare coverage, providing tax breaks to family caregivers, and addressing elder care and disability care workforce shortages, among other resolutions.
“The survey points to ways we can change women’s retirement prospects,” said Cindy Hounsell, president of WISER. “We can remove the barriers and improve the safety net that so many low- and moderate-income women depend on. We can increase access to retirement plans and provide outreach and information to help women improve their financial decision-making. Clearly, we must begin to make the future more secure for women of all ages and incomes.”
SEE ALSO:
- Women Show Greater Confidence Over Economic Environment in 2024
- Women Feeling Derailed With Retirement Savings
- Women Face ‘Financial Vortex’ in Preparing for Retirement
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
