“Aging In Poverty” has been nominated for the Suraj Mal and Shyama Devi Book Prize 2025, hosted by IAFFE (International Association for Feminist Economics)
We Need to Start Valuing What Really Counts
“GDP has no way of accounting for the estimated 16.4bn hours spent every day worldwide on unpaid work, largely carried out by women, that underpins the global economy: caring for children, people with disabilities and older citizens.
Unpaid domestic and care work should be remunerated through paid parental and carers’ leave, included in pension calculations, and supported through access to safe water, sanitation, affordable childcare facilities and other essential services.
Financing these services while reducing our dependence on GDP growth is achievable through progressive tax policies such as inheritance and wealth taxes, preventing illegal financial flows and tax evasion, and tackling corruption. More effective international cooperation on tax, debt and social protection is also needed.” The Guardian, July 2024
“Women disproportionally are carrying the burden and the financial realities of caregiving,” said Ramsey Alwin CEO of the National Council on Aging. “You add to that longer lives, and a Social Security system that wasn’t really designed for women.” USA Today, July 2024
To help women become better prepared for retirement, it’s necessary to address the root causes, explained Caroline Feeney, executive vice president and CEO of U.S. businesses at Prudential Financial.
Women today are still earning 80 cents for every dollar earned by men, Feeney said.
Additionally, women live on average six years longer than men, which means they need more savings.
Because women on average often have a lower risk tolerance than men, that typically translates to lower returns on the money they do have set aside.
Moreover, because two-thirds of all caregivers are women, that often requires them to sacrifice income they could otherwise earn for that time.
“You pull all of that together, of course it makes it far more difficult for women to be able to be in a position to live a secure financial retirement,” Feeney said.
While employers can help address those root causes, the financial industry also needs to make expert guidance more appealing to women, she said.” CNBC, April 2024