- From rising costs of living to reduced retirement income, women say they're worried about their finances ahead of November's presidential election.
- Here's what changes they'd like to see from their elected leaders to improve economic security.
Voters vote in the Pennsylvania primary election at the Rockridge Fire Company on May 17, 2022 in Rockridge, Pennsylvania.
Hannah Baier | Reuters
According to AARP, older women are the largest group of swing voters, and their biggest concern heading into the November election is financial security.
A January poll of women over 50 by the group found that most women cited the rising cost of living as their biggest issue.
Almost half (48%) of women surveyed said their financial situation was not meeting their expectations at this point in their lives. Meanwhile, 54% said they don't think they have enough money to retire at their desired age.
“There's a fear that America's best days are behind us,” said Margie Omero, a Democratic pollster and principal at GBAO who worked on the AARP poll.
Older women's worries are not limited to their financial situation.
They also worry about how their children and grandchildren will fare with student loans, job market challenges and rising housing costs, Homero explained.
Remarkably, young women also have many of the same retirement concerns, a recent study from the National Institute on Retirement Security shows.
Of the women surveyed aged 25 and over, 76% said it was becoming more difficult to retire. Inflation and rising healthcare costs were cited as the main reasons, but respondents also pointed to declining debt and pensions.
According to Tyler Bond, director of research at NIRS, women tend to be more financially insecure in retirement than men.
“The gender pay gap remains strong, leading to a disparity in retirement income,” Bond said.
“In fact, the pay gap and the retirement income gap are almost exactly the same, which is to be expected since retirement income essentially reflects what you earned while working,” he said.
Women expect their legislators to address specific issues.
“In many of these groups, we hear women say they feel invisible,” Homero said.
She said many women wish their elected officials could spend their day in their shoes. According to an AARP survey, 84% of women over 50 want lawmakers to increase support for seniors and caregivers.
According to the NIRS survey, 86% of women think Congress should act now to strengthen Social Security rather than wait.
A majority of women (81%) are concerned about the cost of long-term care, and many want the government to do more to make these services available to Americans, NIRS survey finds . Similarly, most women (82%) think all workers should receive a pension.
It remains to be seen how women's concerns will influence their votes.
According to the AARP poll, 43% of women over 50 said they would vote for former President Donald Trump, while 46% said they would support President Joe Biden.
Mr. Homero said his approval ratings were likely to fluctuate in the months leading up to the November election. AARP says women, especially those over 50, are one of the largest and most reliable groups of voters.
