Cecily O'Connor
RedwoodAge.com
Boomer women are experiencing multiple financial woes, ranging from housing to healthcare
Their string of worries leaves them very concerned about their long-term financial security, according to a Meredith/NBC Universal study called "What do Women Want?"
Female boomers, aged 44-62, are most worried about rising taxes, as well as increasing healthcare costs and the ability to pay for health services in retirement.
The study, which includes input from 3,000 women between 18 and 64, was done to examine why the economy and personal financial challenges are at the forefront of the upcoming presidential election and how women are shaping the debate.
At this point, most voters are looking for a candidate who can help solve some of these problems. And presidential hopefuls are sounding off about major economic themes, pledging to offer solutions that transcend parties.
Candidates' messages are now more important than ever, considering that two-thirds of all women surveyed cited "financial strain" as a major threat to the american family. They see it as a much bigger threat than divorce, loss of faith or spirituality, liberal views on sex and sexuality, both parents working, unwed mothers and unmarried couples living together.
Taxes and Healthcare
The strain is more pronounced with certain financial issues such as taxes. About
81 percent of boomer women worry about taxes, compared to 72 percent of all
women.
Rising healthcare costs also stir anxiety among 55 percent of boomer women and 46 percent of the total female population surveyed. More than half of boomers and single mothers with kids under 18 fret over how they will afford healthcare when they retire
Debt is another big area of concern that's affecting each generation in different ways, according to the survey. Overall, about 85 percent of women report being in some sort of debt, with Gen Y women between 18 and 31 the least likely to carry big balances. Gen Xers aged 32 to 43 were especially likely to have more than $20,000 in non-mortgage related debt.
To that end, three-quarters of women are concerned about the future of Social Security and saving enough for retirement. Boomer women are especially concerned about Social Security, while Gen X women are more consumed by the need to save for retirement.
Two-thirds of women and/or their partners are counting on Social Security for retirement. This is especially high for boomer women, nearly 80 percent of which are looking to the system - which, without additional funding, is expected to go broke by 2041 - for financial support in retirement.
