According to research from the National Council on Aging and the Women's Institute for a Safe Retirement (WISER), women over the age of 25 are concerned about being able to cover future medical and retirement costs.
The study sampled 1,022 women for its second annual report titled “Women Speak.” The survey was conducted online from March 2-13, 2024 by Public Opinion Strategies and Lake Research Partners.
“Health and financial security are the foundation of a good quality of life at any age,” Ramsey Alwyn, NCOA's president and CEO, said in a statement. “It is alarming to hear that women across the lifespan, especially those in low-income families, continue to struggle, making it extremely difficult to prepare for retirement. We must do more to ensure that we have the resources to do so.”
The report says fewer women now feel financially secure compared to the results of last year's report. Additionally, housing costs and cuts to Medicare and Social Security are top concerns as they look to save for retirement.
Less than half of the women surveyed and just one-third of rural women surveyed said they did not have enough savings for retirement. About one-third of all survey participants, and half of those with low incomes, said their retirement income and savings were not enough to cover their monthly living expenses. This amount has increased from last year's survey results.
Of the federal policies asked in the survey, across party lines and demographics, most women want the government to provide assistance to low-income adults, improve Medicare and Medicaid to cover home health care, and improve Medicare. They responded that they were in favor of expanding the amount to cover the full amount. A wide range of treatments for chronic diseases.
About one in three respondents reported experiencing delays in accessing health care or food insecurity issues in the past year. One in five people said they were late getting their prescription filled.
“Nearly 6 in 10 women (59%) and 81% of low-income women currently save for retirement,” said Bill McInturff, partner at Public Opinion Strategies. “I said I didn't make enough money to do it,” he said. “Food insecurity is also a reality for about half of low-income Hispanic women and white women. These facts directly impact women's ability to plan and save for retirement.”
Cindy Hounsell, president of WISER, said there are ways to help women feel more secure about their retirement plans.
“We can remove barriers and improve the safety nets that many low- and moderate-income women rely on. We can increase access to retirement plans and help women make financial decisions. We can provide assistance and information to help you make better decisions,” Hounsell said. “Clearly, we must start working to make the future safer for women of all ages and incomes.”
