Elderly Women’s Poverty Crisis

A recent report by Wider Opportunities for Women (WOW), a nonprofit organization based in Washington, D.C., found that three out of five women over age 65 are unable to cover their basic, daily expenses. The report analyzed seniors’ living circumstances in comparison to the “Elder Economic Security Index,” which measures income needed to age in place in the community and meet basic daily expenses. The index defines “economic security” as income from pensions, Social Security, retirement savings, and other sources sufficient to meet necessary daily expenses without having to borrow or use a public assistance program.

The report found that 42% of all women, 63% of African-American women, and 66% of Hispanic women lack economic security. It cites female pay inequities and interruptions in workforce participation due to motherhood and other caregiving responsibilities as likely causes. In addition, women tend to outlive their male spouses, increasing their chances of living alone for part of their senior years and using up their savings.