How finances of women over 50 may prove critical in presidential election

With just 42 days until America votes in one of the most divisive presidential elections in a generation, one powerful segment of voters could prove critical, if their financial concerns are addressed.

Older women feel that officials ignore their issues and swing voters aged 50 and above are ready to be convinced that either Harris or Trump would take the challenges to their financial security seriously enough get their vote.

A new survey from AARP shows that seven in ten women voters over 50 say they believe economic conditions for seniors is worsening, six in ten say the current economy is not working for them, and almost two thirds say they are less financially secure than they expected to be.

Digging deeper into their finances of this significant cohort of Americans – around 64 million people according to 2023 figures – 67% of respondents to the poll said that they do not have a retirement savings account through their workplace and 70% do not have an Individual Retirement Account outside of their workplace.

Among respondents who are working, more than half (59%) are not confident they will have enough money to retire at an age they’d prefer and 45% say they cannot afford to save for retirement.  For those who are already retired, 41% are not confident they have enough retirement money saved to avoid going back to work.

Highlighting the precarious nature of their finances, around four in ten women over 50 reported that they would be able to cover less than three months of expenses if they lost their income and a similar share have less then $500 to cover an emergency expense.

Asked about their priorities for the next White House administration, protecting Social Security comes top of the list for policies that would impact them most personally at 93%, followed by lowering food costs (92%), and health care (84%).

WHO GETS THEIR VOTE?

Conducted August 27 to September 2, by a bipartisan team of pollster Kristen Soltis Anderson and Margie Omero, the national poll shows Kamala Harris leads Donald Trump by 12 points among women voters 50+ (54% vs. 42%), compared to a narrower 3-point lead she carries among voters overall.

“Women voters 50+ will be a decisive force in this election. They are very motivated to vote and are looking for candidates who will give them some peace of mind about their financial future,” said Nancy LeaMond, AARP Executive Vice President and Chief Advocacy & Engagement Officer. “They don’t think that policymakers really understand the financial challenges they face today with the high cost of housing and groceries or longer-term when it comes to paying the bills in retirement, if they are even able to retire at all. AARP is committed to putting a spotlight on these women and what they care about ahead of the November election.”