As we get older, it is important for us to work towards achieving a good quality of life in our golden years. To achieve this, we will need sufficient retirement savings that lets us enjoy our twilight years.
Therefore, in today's article, we turn our focus to factors that might affect savings among the aging population, with a focus on women undergoing peri-menopause and menopause!
Discrimination for Returning Employees
As we age, the need to maintain a quality life in our twilight years becomes paramount. For this, adequate retirement savings are essential. However, the challenges are compounded for women, especially in the context of Singapore's aging demographic and the need for women to save efficiently for their retirement.
Discrimination remains a significant barrier for returning women in their retirement preparedness. Older women, especially those undergoing peri-menopause and menopause, often receive fewer job responsibilities due to prevalent stereotypes. They are often seen as slow, less productive, and lacking technological proficiency. This perception greatly hinders their career advancement. Consequently, these women feel excluded, undervalued, and unmotivated. This, coupled with a lifetime of gender-based disadvantages, affects their salary progression and ultimately their retirement savings.
Furthermore, middle-aged women, notably those in the 'sandwich generation', face the responsibility of caring for aging parents while supporting their young adult children. The government's "aging in place" policy places additional burdens on them, sometimes necessitating pay cuts or even job cessation. This further strains their financial resources, making it challenging to save for retirement.
Government/Non-Government Initiatives
To tackle the rising challenges, organizations like AWARE have proposed flexible work arrangements and caregiver support grants that blend both cash and CPF components for family caregivers. Also, it is crucial to recognize that the government has been responsive to the aging population's needs. They've raised the retirement age to 63 and set the re-employment age at 68, while also encouraging the elderly to remain an active part of the workforce.
Programs spearheaded by SNEF, WSG, Skillsfuture, and SG Digital aim to bridge skill gaps, ensure career transitions, and equip seniors with pertinent digital skills. Pre-screening processes and job referrals by third parties, such as the Community Development Council, also play a pivotal role.
However, the playing field remains skewed. Women aged 50 to 65 had CPF balances 13% lower than men as of 2022, indicative of the persistent gender disparities in retirement readiness.
Other Measures for Returning Workforce
Induction training is paramount for mid-career employees returning to the fray. Unions, playing a vital advocacy role, should promote workplace protection, intergenerational cohesion, and reemployment. Efforts must be directed at establishing senior-friendly workplaces and enlightening the younger workforce on the importance of inclusivity and social protection.
Conserving Financial Savings
Empowering young senior women is more than a societal obligation; it is a testament to the values we uphold. As everyone aspires for a comfortable retirement, ensuring sufficient savings is vital, especially for women who have faced systemic challenges.
By aligning healthcare and caregiving subsidies with demographic profiles and championing public awareness, we, at Surety pave the way for an inclusive society. The amalgamation of concerted efforts from all stakeholders promises a fulfilling life for our aging population and a robust economy for all!
Important Notes:
This article is meant purely for informational purposes and should not be relied upon as medical advice. Always consult a medical professional for specific advice on your health. This article has not been reviewed by any medical professionals or legal bodies.
References https://www.fidelity.com.sg/articles/press-releases/2022-03-07-fidelity-global-women-money-study-financial-independence-closely-linked-with-active-investing-for-women-in-singapore-1650864020276 https://www.fidelity.com.sg/news-and-insights/women-and-money-survey-2022 https://www.uobgroup.com/techecosystem/news-insights-future-of-working-women-in-singapore.html https://asiawomen.org.sg/docs/Financial_Security_Brochure.pdf https://www.statista.com/statistics/974618/life-expectancy-at-birth-in-singapore-by-gender/