As the 2024 presidential election approaches, financial security has emerged as a significant concern for many women, particularly older women who represent a crucial bloc of swing voters. According to a recent poll by the AARP, the most pressing issue for these women is the rising cost of living.
AARP’s January survey of women aged 50 and up revealed that nearly half (48%) feel their current financial situation is not what they had expected at this stage in their lives. Furthermore, 54% are worried that they will not have enough money to retire when they desire.
Margie Omero, a Democratic pollster and principal at the public opinion research and political strategy firm GBAO, noted that there is a growing sentiment among older women that America’s best days may be behind us. This concern extends beyond their own financial stability to include worries about their children’s and grandchildren’s futures, particularly regarding student loans, job market challenges, and rising housing costs.
Interestingly, financial anxieties are not confined to older women. Recent research from the National Institute on Retirement Security (NIRS) indicates that younger women also share concerns about retirement. Of those surveyed, 76% of women aged 25 and over believe that retirement is becoming increasingly difficult due to factors such as inflation, rising healthcare costs, debt, and fewer pension plans.
Tyler Bond, research director at NIRS, pointed out that women generally face greater financial worries about retirement compared to men. This disparity is largely due to the persistent gender pay gap, which translates directly into a retirement income gap. “Retirement income is basically a reflection of what you earn while working,” Bond explained.
In addition to financial concerns, many women feel that their needs and challenges are overlooked by lawmakers. According to Omero, women often express feeling invisible and wish that elected officials could experience their daily struggles firsthand. The AARP survey found that 84% of women aged 50 and up want more support for seniors and caregivers from lawmakers.
The NIRS survey echoed these sentiments, with 86% of women advocating for immediate congressional action to strengthen Social Security. Additionally, a significant majority (81%) are concerned about long-term care costs, and 82% believe all workers should have access to pensions.
How these financial concerns will impact voting behavior in the upcoming election remains uncertain. As one of the largest and most reliable voting groups, women over 50 could play a decisive role in the election outcome.
With financial security being a pivotal issue, the candidates’ ability to address these concerns effectively could significantly sway this influential demographic as the election draws closer.
