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As a financial coach for women, I’m always on the hunt for the most recent findings pertaining to Women, Money and Retirement. Recently I was going combing through my gobs and gobs of files of articles, reports and studies when I came across Paul Hodge, the founding chair of The Global Generations Policy Institute .
Here’s why he says Baby Boomer Women are in Trouble:
“Baby-boomer women must and should take retirement-planning matters into their own hands and not wait on government or business to solve the looming problems that await three-quarters of the 40 million women born between 1946 and 1964 . Baby-boomer women are in trouble.
Unlike any other time in our nation’s history, unless there are dramatic policy shifts, in terms of absolute numbers, baby-boomer women, most particularly minority women, will find their elder years to be a ‘never ending’ struggle.
Most retirement policies, government and private, are gender- biased toward white males. This needs to change quickly. If we don’t deal with these policies, we have a ton of minority women living below the poverty line with no safety nets in place.”
So you see, I’m not the only one who’s concerned about the plight of baby boomer women in retirement. Clearly, it’s going to take a village to solve this problem. But we women each need to do our part, too. By taking our financial literacy seriously – as if our lives depended on it.