Around the world one of the most undervalued resources is women over the age of 45. Older men who are unemployed or under-employed matter as well, but nearly all the statistics about older women are worse. According to a 2013 report, Older Women Matter, compared to men, mature-age women are less likely to be in the workforce, and if they’re in work they’re more likely to be under-utilized. And if they lose their jobs, women aged 45 to 64 face a longer average period of unemployment – 44.8 weeks compared to 39.5 weeks for men.
The need to change attitudes to older women is the new frontier for public policy. What older women have to offer – experience, discipline, education and hard-work – is little appreciated. Some are part of the sandwich generation, juggling care of aged parents and children. But many – their children grown, their parents dead – are freer than ever to contribute to the paid workforce.
In some ways baby boomer women have been a lucky generation. They’ve enjoyed new freedoms and opportunities. They could get higher education and leave bad marriages. And in unprecedented numbers, they moved into the workforce and stayed there as they grew older. As a result, there has been a big growth in older women in the workforce. Thirty years ago most women aged 45-54 were housewives. Today it’s the norm for them to work – 77 percent are in jobs or looking for work. In 1983 only 11 percent of women aged 60-64 were in the workforce.
So yes, there’s been a cultural shift, which is good news. But the report shows close to 60 percent of women are retired by the time they’re 55; and women retire on average eight years earlier than men. The growth in mature-age women’s employment is from a low base, and if the load on younger taxpayers is to be eased, that growth can’t stop now.
Older women still face serious obstacles in gaining employment. As the report says, they face a double standard: pressure to look young and attractive but rejected on the grounds of being “over-qualified.” Prejudices abound: “they’re loyal but lacking potential,” “low in energy,” “unwilling to accept criticism;” and employers assume they’ll lack necessary skills because of career breaks. Research cited in the report shows younger female applicants are 40 percent more likely to gain an interview for some positions than their older counterparts.
There are many reasons older women today, including those in their 60s and 70s, want to work. More are single or divorced with low retirement savings. More are in good health, in white collar careers that are easier on the body. And some want to continue to use their minds and skills at a high level.