Unmarried women in the United States, particularly those without children, are experiencing a notable rise in wealth compared to their unmarried male counterparts.
Recent analysis highlights a growing trend in the financial landscape of older, unmarried women in the U.S. who are finding themselves wealthier than their unmarried male peers. According to data from the Pew Research Center, these women have a median wealth of $87,200, surpassing the $82,100 typically held by unmarried men. This demographic typically consists of baby boomers, who have taken advantage of stock and real estate booms over the years.
Ruth Schick, an 85-year-old retiree, serves as an example of this trend. After losing her husband, Schick embarked on solo travels across the globe, visiting all continents and every state in the U.S. Schick’s story underscores the broader movement among older single women to live life fully and independently. Her wealth accumulation can be attributed to rising home values, savings, and lack of financial dependents.
Richard Fry, a senior researcher at Pew, explains that age plays a significant role in this financial disparity. The median age of unmarried women is 61, situating them within the baby boomer generation. In contrast, unmarried men are generally younger, with a median age of 50. Women also tend to live longer than men, allowing them more time to accumulate wealth over their lifetimes, despite persisting wage inequalities.
Older single women often have significant home equity and retirement savings compared to their younger counterparts. While single men and women both accumulate substantial wealth, Pew’s data shows that these women have benefited from good market conditions, enabling them to save effectively.
Patricia Wahlen, aged 80, illustrates how proper financial planning leads to fulfilling retirement years. Wahlen, having delayed international travel until she was 46, now enjoys exploring the world thanks to a well-managed pension and prudent financial decisions. Her story highlights the importance of long-term financial strategies, including living frugally and saving for retirement.
Research suggests that while many older women face financial hardships, this group of single women has turned retirement into an opportunity. Their experiences reflect a broader social shift, as data from Road Scholars indicates increasing numbers of older women traveling solo. Moreover, studies show that self-esteem and satisfaction increase for women post-60, marking a positive shift in life perspectives.
Despite disparities in wages and net worth, older single women are showcasing that financial independence and personal fulfillment are possible. Their financial strategies emphasize the importance of planning for a secure future without relying on others.
The financial narrative of older single women in the U.S. highlights a significant trend of rising wealth and independence. While challenges remain, many in this demographic are successfully navigating retirement years with strategic financial management. As societal norms evolve, their stories serve as an inspiration for financial independence and lifelong fulfillment.
Source: Businessinsider
