Understanding Women 45+: Understanding Women 45+: The AARP FoundationThe AARP Foundation’’ss

WomenWomen’’s Leadership Circle Researchs Leadership Circle Research

Presented at ASAPresented at ASAChicago, IL, March 2007Chicago, IL, March 2007

Deborah BricelandDeborah Briceland--Betts, National Director of WomenBetts, National Director of Women’’s s Programs, AARP FoundationPrograms, AARP Foundation

Beverly HynesBeverly Hynes--Grace, Vice President, Corporate Grace, Vice President, Corporate Gerontology Group, The HartfordGerontology Group, The Hartford

Jean Koppen, Senior Research Advisor, AARPJean Koppen, Senior Research Advisor, AARP

The AARP FoundationThe AARP Foundation

The AARP Foundation is AARPThe AARP Foundation is AARP’’s s charitable organization dedicated to charitable organization dedicated to enhancing quality of life for all as we enhancing quality of life for all as we age. We lead positive social change age. We lead positive social change and deliver value to those 50 and and deliver value to those 50 and older with emphasis on those at older with emphasis on those at social and economic risk.social and economic risk.

The AARP FoundationThe AARP Foundation

Through its programs, AARP Foundation addresses the core issues that help older members of our society meet their health and financial needs and reduce the risk that they will fall victim to poverty and fraud.

The AARP FoundationThe AARP Foundation

Foundation programs also explore emerging trends that will affect people at risk more and more as they age. Through providing direct services, leveraging relationships, and providing information and education to both individuals and service providers, Foundation Programs play an important role in supporting the goals of the AARP Foundation.

The AARP FoundationThe AARP Foundation

In 2006, collectively, Foundation programs served 2.1 million people through direct service, another 704,798 through distribution of information and resources for a total of 2.8 million served for the year.

The WomenThe Women’’s Leadership Circles Leadership CircleThe WLC is working to leverage the economic power and The WLC is working to leverage the economic power and

passion of women to:passion of women to:

Support and strengthenSupport and strengthen the AARP Foundation's the AARP Foundation's longlong--standing commitment to improving the lives of standing commitment to improving the lives of women as they age by supporting and expanding women as they age by supporting and expanding programs and service. programs and service.

Identify and informIdentify and inform the issues that affect women as the issues that affect women as they age and solidify AARP Foundation's role as an they age and solidify AARP Foundation's role as an expert source of information on these issues. expert source of information on these issues.

Collaborate through partneringCollaborate through partnering with other with other organizations that are focused on the empowerment, organizations that are focused on the empowerment, security and protection of women as they age. security and protection of women as they age.

Looking at Act IILooking at Act IIOf WomenOf Women’’s Livess Lives

WLC Research GoalWLC Research Goal

identify issues that affect women identify issues that affect women as they ageas they age

assist the WLC in enhancing the assist the WLC in enhancing the quality of life for women 50+quality of life for women 50+

concentrated on concentrated on ““healthhealth”” and and ““wealthwealth””

WLC Research DesignWLC Research Design

Conducted by Roper Public AffairsConducted by Roper Public Affairs

•• 81 in81 in--depth indepth in--person interviews with person interviews with women 45 to 90 years oldwomen 45 to 90 years old

•• National telephone survey of more than National telephone survey of more than 2,5002,500 women 45+, including women 45+, including oversamplesoversamples of African Americans, Hispanics and Asians of African Americans, Hispanics and Asians

TwoTwo--thirds of women 45+ consider thirds of women 45+ consider themselves happier now than they have themselves happier now than they have ever been. ever been. 8 in 10 feel greater freedom to be 8 in 10 feel greater freedom to be

themselves.themselves.ThreeThree--quarters feel itquarters feel it’’s a time to pursue s a time to pursue

their dreams.their dreams.

I’m a lot wiser. I have more life experience, more exposure to the world. My life now is just more than I thought it would be.

(Age 58)

Life After 45Life After 45

Liza, San Diego, Age 75Liza, San Diego, Age 75

““The thing that surprises me about being in The thing that surprises me about being in my 70my 70’’s is that its is that it’’s so much fun. . . you dons so much fun. . . you don’’t t

have to play out any role have to play out any role –– like daughter, like daughter, boss, employee.boss, employee.””

Cathy K., New Jersey, Age 67Cathy K., New Jersey, Age 67

““I think women, just because they're chronologically I think women, just because they're chronologically a certain age, don't have to be old. Just be yourself, a certain age, don't have to be old. Just be yourself, just do what you want to do. If you feel healthy, just just do what you want to do. If you feel healthy, just

do things that younger people do.do things that younger people do.””

Life After 45Life After 45•• ““IndependenceIndependence”” is a near mantra for is a near mantra for

women. women. •• Real women are real inspirations.Real women are real inspirations.Older women are seen as role models, Older women are seen as role models,

whether they are 45 or 85. whether they are 45 or 85.

•• Connection is critical to well being.Connection is critical to well being.Nine in ten women say they have a Nine in ten women say they have a

network of friends or family they can network of friends or family they can depend on in a time of crisis.depend on in a time of crisis.

Eloise, San Diego, Age 76Eloise, San Diego, Age 76

““My hobby circle is my safety net. ItMy hobby circle is my safety net. It’’s people s people with all kinds of backgrounds and ages from with all kinds of backgrounds and ages from 40 to 83, but we40 to 83, but we’’re likere like--minded women. You minded women. You can have more emotional connection with can have more emotional connection with female friends.female friends.””

Life After 45Life After 45

Divorced, Hispanic, Asian and African Divorced, Hispanic, Asian and African American women are less likely to agree they American women are less likely to agree they have family and friends to rely on.have family and friends to rely on.

Three in ten women 45+ do worry about Three in ten women 45+ do worry about becoming a burden to their families, and two becoming a burden to their families, and two in ten worry that they will be alone or will in ten worry that they will be alone or will have no one to take care of them when they have no one to take care of them when they are older. are older.

Some women feel financially Some women feel financially secure secure –– even with very even with very limited resources; others limited resources; others have fears; some are have fears; some are avoiding thinking about it.avoiding thinking about it.

Money MatterMoney Matter$$

Taking a proactive approach to money matters Taking a proactive approach to money matters is critical to womenis critical to women’’s well being s well being Women who are taking steps to prepare for Women who are taking steps to prepare for

their financial futures are happier and more their financial futures are happier and more optimistic about their own futures optimistic about their own futures ---- across across every income level. every income level. Among women who are confident about their financial Among women who are confident about their financial

security, seven in ten say they are happier now than security, seven in ten say they are happier now than ever ever –– versus only 48% of women who are less versus only 48% of women who are less confident about their financial futures. confident about their financial futures.

Eight in ten see their older years as a time to pursue Eight in ten see their older years as a time to pursue dreams, versus only 63% of less financially confident dreams, versus only 63% of less financially confident women.women.

Money MatterMoney Matter$$

Money MatterMoney Matter$$

What helps women feel more What helps women feel more confident about their finances confident about their finances –– and and thus their futures?thus their futures?

–– Taking Taking steps to take controlsteps to take control of their of their finances, from getting professional finances, from getting professional advice, to having an emergency fund, advice, to having an emergency fund, investing part of their monthly income, investing part of their monthly income, or paying off credits cards monthly. or paying off credits cards monthly.

Joyce, New Jersey, Age 74Joyce, New Jersey, Age 74

““I know a lot of women of my age range who lose their I know a lot of women of my age range who lose their husbands and Ihusbands and I’’m really amazed but it does happen m really amazed but it does happen ––

they donthey don’’t know how to write a check. They know t know how to write a check. They know nothing at all about the family finances, which I think nothing at all about the family finances, which I think is a grave mistake for any couple because you never is a grave mistake for any couple because you never

know which oneknow which one’’s going to go first.s going to go first.””

Many women Many women maymay have have ““false confidencefalse confidence”” about about their financial futurestheir financial futuresThree in four women 45+ report feeling confident Three in four women 45+ report feeling confident

that they are taking the necessary steps to make that they are taking the necessary steps to make themselves as financially secure themselves as financially secure as possibleas possible..

However, when looking at various aspects of their However, when looking at various aspects of their financial behavior and knowledge, many women did financial behavior and knowledge, many women did not appear to be doing all they could to protect not appear to be doing all they could to protect themselves financially. themselves financially.

Three in ten women are worried either a Three in ten women are worried either a ““great dealgreat deal”” or or ““moderate amountmoderate amount”” about eventually running out about eventually running out of money to live on. Four in ten women consider of money to live on. Four in ten women consider thinking about their finances depressing.thinking about their finances depressing.

Money MatterMoney Matter$$

Patti, Kansas City, Age 46Patti, Kansas City, Age 46

““I never felt old enough to have to worry about I never felt old enough to have to worry about financial security and retirement. I felt like oh, financial security and retirement. I felt like oh, that's way down the road. Now it's feeling like that's way down the road. Now it's feeling like a looming truck that's chasing me.a looming truck that's chasing me.””

Despite the majority of women 45 or older who Despite the majority of women 45 or older who feel confident they will have enough money for feel confident they will have enough money for their later yearstheir later years……–– Only one in three say they know how to Only one in three say they know how to

determine how much they will actually need determine how much they will actually need for retirement. for retirement.

–– Six in ten do Six in ten do notnot have a longhave a long--term spending term spending plan for when they retire. plan for when they retire.

Boomer and African American women are even Boomer and African American women are even less likely to feel they know what they will need less likely to feel they know what they will need for retirement or to have a plan for retirement or to have a plan ---- as are as are Hispanic women.Hispanic women.

Money MatterMoney Matter$$

HealthHealth

Most women 45+ rate their health positively Most women 45+ rate their health positively –– and like and like our look at our look at ““wealthwealth”” –– women who consider themselves women who consider themselves healthier also report being happier and more optimistic healthier also report being happier and more optimistic about their futures.about their futures.–– Eight in ten women consider their health good or better. Women wEight in ten women consider their health good or better. Women who ho

feel very good or better about their health are more likely to sfeel very good or better about their health are more likely to say they ay they are happier now than they have ever been (72% vs. 58%).are happier now than they have ever been (72% vs. 58%).

–– Interestingly, we see a link also between women who feel better Interestingly, we see a link also between women who feel better about about their health taking steps to take care of their finances as welltheir health taking steps to take care of their finances as well –– suggesting again how important it is for womensuggesting again how important it is for women’’s wells well--being to being to proactively focus on these two fundamental areas of their lives.proactively focus on these two fundamental areas of their lives.

Eight in ten women 45+ who describe their health as Eight in ten women 45+ who describe their health as ““very goodvery good”” or or better feel confident that they are taking the necessary steps tbetter feel confident that they are taking the necessary steps to o ensure their financial security versus only 69% of women who feeensure their financial security versus only 69% of women who feel l less healthy.less healthy.

HealthHealth–– Nine in ten women Nine in ten women saysay they are doing all that they can to they are doing all that they can to

keep themselves as healthy as possible. keep themselves as healthy as possible.

But looking at both the survey data and listening to the women iBut looking at both the survey data and listening to the women in the n the inin--depth interviews, we learned that many women have trouble movingdepth interviews, we learned that many women have trouble moving from from ““knowingknowing”” to to ““doing.doing.””

Eight in ten women 45+ say they exercise at least once a week, bEight in ten women 45+ say they exercise at least once a week, but ut –– two in five say that, most days, they are just too tired to exertwo in five say that, most days, they are just too tired to exercise.cise.–– One third just do not like to exercise. One third just do not like to exercise.

…… and importantly, we hear this at even greater rates from women and importantly, we hear this at even greater rates from women who who rate their health less than rate their health less than ““very goodvery good”” –– which perpetuates a negative which perpetuates a negative cycle.cycle.

Making the time [to exercise] is a challenge. And I think you need a friend to get you out and do things. (Age 63)

Health Health ExerciseExercise

The majority of women (The majority of women (58%58%) said they ) said they were more likely to exercise if they had a were more likely to exercise if they had a friend to exercise withfriend to exercise with–– Women in minority groups were even more Women in minority groups were even more

likely to say having an exercise buddy would likely to say having an exercise buddy would increase their exercise (increase their exercise (64%64% of African of African American women, American women, 62%62% of Hispanic women, of Hispanic women, and and 67%67% of Asian American women)of Asian American women)

HealthHealth–– Millions of women say they face real roadblocks Millions of women say they face real roadblocks

to taking better care of their health:to taking better care of their health:

Nearly three in ten women overall and even more Asian Nearly three in ten women overall and even more Asian and Hispanic women say caring for other people leaves and Hispanic women say caring for other people leaves them with too little time for taking care of their own them with too little time for taking care of their own health.health.

One in three women 45+ report having a health One in three women 45+ report having a health condition that affects what they are able to do in their condition that affects what they are able to do in their daily life.daily life.

One in three feel the cost of healthcare or prescription One in three feel the cost of healthcare or prescription drugs sometimes prevents them from seeing a doctor or drugs sometimes prevents them from seeing a doctor or getting treatment when they need it.getting treatment when they need it.

About one in three women 45+ worry About one in three women 45+ worry ““a great deala great deal”” or or ““moderate amountmoderate amount”” about losing their about losing their independenceindependence if their if their health worsens.health worsens.–– This is an even greater concern among This is an even greater concern among

Hispanics (54%), Boomers (39%), women who Hispanics (54%), Boomers (39%), women who have gone through a divorce (46%), or those have gone through a divorce (46%), or those with less than $50,000 in income (43%).with less than $50,000 in income (43%).

HealthHealth

The desire to remain independent in housing is very strong amongThe desire to remain independent in housing is very strong among women. One in four women 45+ worry women. One in four women 45+ worry ““a great deala great deal”” or or ““moderate moderate amountamount”” that they will be forced to live someplace they do not that they will be forced to live someplace they do not want to live. want to live.

As an alternative, many consider the idea of living with their As an alternative, many consider the idea of living with their women friends appealing. Four in ten say that if they were alonwomen friends appealing. Four in ten say that if they were alone, e, they would find the idea of sharing a home with women friends tothey would find the idea of sharing a home with women friends to be appealing.be appealing.

Among these women nearly nine in ten consider companionship to Among these women nearly nine in ten consider companionship to be the major appeal, along with saving money, safety, help in cabe the major appeal, along with saving money, safety, help in case se of a medical emergency, and sharing household responsibilities.of a medical emergency, and sharing household responsibilities.

““I keep telling my friends that we all need to buy a big house wiI keep telling my friends that we all need to buy a big house with a th a common area downstairs and live together common area downstairs and live together –– not like a nursing home, not like a nursing home, but truly a place where we have communal living. (Age 57)but truly a place where we have communal living. (Age 57)””

What Do Women Say AboutWhat Do Women Say About…… Where They Want To LiveWhere They Want To Live? ?

Driving means freedom and independence Driving means freedom and independence for women. for women.

–– Driving is their way to get out of the house, see people, shop fDriving is their way to get out of the house, see people, shop for or themselves, and engage in activities themselves, and engage in activities –– to give them the to give them the connection that is so critical to their overall well being. connection that is so critical to their overall well being.

–– Regardless of their circumstances, many women find driving Regardless of their circumstances, many women find driving more difficult as the years pass. For some women, driving more difficult as the years pass. For some women, driving seems more stressful, making them reluctant to drive and seems more stressful, making them reluctant to drive and inhibiting their freedom.inhibiting their freedom.

–– Married women sometimes experience a change in their driving Married women sometimes experience a change in their driving habits once their marital status changes. Some may find habits once their marital status changes. Some may find themselves suddenly driving more, or less, depending on how themselves suddenly driving more, or less, depending on how their lives have changed. their lives have changed.

DrivingDriving

Gwen, New Jersey, Age 73Gwen, New Jersey, Age 73

““If anything ever happened to my car I would be If anything ever happened to my car I would be isolated. I couldn't get to the store. I like to pick isolated. I couldn't get to the store. I like to pick out the things that I want. That makes me feel out the things that I want. That makes me feel independent. I don't have to call people independent. I don't have to call people –– ““can you can you come here and do this? Can you come here and do come here and do this? Can you come here and do that?that?”” I have a difficult time asking for help.I have a difficult time asking for help.

Developing a SavingsDeveloping a SavingsHabitHabit

Research with LowResearch with Low--Income WomenIncome Women

•• Understand womenUnderstand women’’s experiences s experiences with savingwith saving

•• Identify the barriers to women savingIdentify the barriers to women saving

•• Identify messages that resonate with Identify messages that resonate with womenwomen

What we heardWhat we heardIn addition to difficulties caused by credit usage, women are subject to the financial problems of their families and the lack of a safety net for larger problems such as job loss and illness. They are sometimes in circumstances they did not create.

What we heardWhat we heardWomen who are single, divorced, and widowed are at an increased risk for financial insecurity as they age.

What we heardWhat we heardWomens’ lack of resources often results in limited choices for managing their money, which inhibits saving and perpetuates a cycle of spending.

DebtDebt

Most women had experienced credit card Most women had experienced credit card debtdebt–– Some struggling with paying off own / family Some struggling with paying off own / family

membermember’’s debts debt–– Some had reduced the number of credit cards Some had reduced the number of credit cards

they havethey have–– Some had rid themselves completely of credit Some had rid themselves completely of credit

cards as a result of debt experiencescards as a result of debt experiences–– Some used debit cards or Some used debit cards or ““pay in advancepay in advance””

cardscards–– Shopping provides solace in difficult timesShopping provides solace in difficult times

Emotional issuesEmotional issues

Need for privacyNeed for privacy

Need for controlNeed for control

Fear of the future results in focus on Fear of the future results in focus on presentpresent

Shame over situationShame over situation

DepressionDepression

Sense of isolationSense of isolation

SavingSaving

Most women were not saving in a Most women were not saving in a structured way for retirementstructured way for retirement

Women that were saving, were often Women that were saving, were often doing so to doing so to ““treattreat”” themselves or their themselves or their family or for other short term goalsfamily or for other short term goals

SetSet--backs on financial pathbacks on financial path• Divorced

• Widowed

• Illness/medical disability (self or spouse)

• Job-loss (self or spouse)

• Credit card debt (self or family member)

•Changes in benefits/loss of benefits

“My company left me, they went bankrupt. All of a sudden I didn’t have a job, my husband didn’t have a job because 9/11 hit, and then all of our retirement, our equity, is gone . . . We didn’t make bad choices, we had to deal with the choices that were there.”

“When my husband died, he had 27 years on the same job. So he could have had, I could have had, a full pension. Now the company . . . sold to another company and they didn’t carry the pension plan over. The secretary was … ready to send me the pension, and they said, “what are you doing?” So I get $57 from my husband’s pension. That’s all I get from his 26 years on the same job.

“I used to do all that [saving for retirement], but I had a crisis; it was my mom. She passed away 6 years ago, and unfortunately she did not believe in insurance. The next morning I realized, how am I going to bury my mother? I had no savings account. I had just got a 401K built up where I could borrow money on it. That is where I got some of the money.”

Reconfirming the Reconfirming the WLCWLC’’ss commitmentcommitment

Tackle the multiple systemic issues that affect Tackle the multiple systemic issues that affect women and better help keep them on trackwomen and better help keep them on track

Job security, placement, and re-careering

Secure retirementAnd health benefits

Debt education

Assistance during life crises

Educationassistance

NEEDS

Where to find the research?Where to find the research?

AARP.ORGAARP.ORG

Looking at Act II of WomenLooking at Act II of Women’’s Livess Liveshttp://www.aarphttp://www.aarp-- foundation.org/wlc/research/research.htmlfoundation.org/wlc/research/research.html

Developing a Savings HabitDeveloping a Savings Habitwww.aarp.orgwww.aarp.org/savings/savings

WomenWomen’’s Programs: s Programs: Building on History of ServiceBuilding on History of Service

Programs and activities designed to support WLC mission that women experience financial security, health and social well-being in a society that values them as they age:

Walking Programs 401(k) Automaticity—work with companies

employinglarge numbers of low income women to

encourageautomatic enrollment

Other financial literacy effortsResearch

Red Hat Society Red Hat Society Walking PilotWalking Pilot

1 1 year pilot to test nexus between socialization year pilot to test nexus between socialization and sustainability of exerciseand sustainability of exercise

30 chapters nationwide; 25 women each30 chapters nationwide; 25 women each

Incentives and web supportIncentives and web support

More than 800 chapters representing over 5,000 More than 800 chapters representing over 5,000

women appliedwomen applied

Next . . .Next . . .

WomenvisionWomenvision SummitSummitApril12April12--15, 200715, 2007

The Westin La The Westin La PalomaPaloma Resort & Spa, Resort & Spa, Tucson, AZTucson, AZ

www.aarp.org/foundation/wlcwww.aarp.org/foundation/wlc