Women are taking on greater roles in personal and household finance, yet public policy lags in accommodating the evolving trend. Many current policies surrounding retirement saving cater to a workforce and household savings model that might not equally encourage all workers—particularly women—to engage in their finances.
Laws written to help workers retire at 65 don't address the reality that most working women do not plan to retire at that age, if at all—a reflection of how fewer working years and smaller paychecks force many women to stay in the workforce. For some women, caring for elderly parents or children keeps them out of the home during key earning years, but longer life spans call for greater savings for retirement and health care. Laws that solely focus on ensuring larger employers offer workplace retirement plans may not help the 9 million women-owned small businesses.
Fidelity's female customers have spoken clearly: they want to be more involved in their financial situation. We're encouraged to see policymakers considering ways to ensure savings policies meet people where they are.