Young women, especially young women who are BIPOC, LGBTQ+, or otherwise marginalized, face barriers such as low wage jobs and the financial burden of care giving. These disadvantages build up over time and often result in poverty or financial insecurity for women when they reach retirement age. Legislative efforts, such as Social Security caregiver credits and paid leave for parents and caregivers, would provide women with more of a short- and long-term safety net.
“Older adult women, especially women of color, have experienced barriers in educational opportunities, employment prospects, housing and a variety of other areas that have resulted in a greater risk of poverty. The gender wage gap still exists, with women making approximately $0.82 for every dollar men earn, and Black and Latina women earn just $0.62 and $0.54, respectively, for every dollar white men earn. This translates into less income to save for retirement, fewer Social Security benefits and less wealth overall.”