How Women 50-Plus Are Driving The Global Longevity Economy
American Association of Retired Persons
About this report
The report highlights the significant economic and social contributions of women aged 50 and older. This demographic, often overlooked in traditional economic analyses, plays a pivotal role in driving global economic growth and reshaping the landscape of work, caregiving, and consumer spending.
Demographic Overview
As global populations age, the influence of women over 50 is growing rapidly. In 2020, there were 605 million women aged 60 and older worldwide, and this number is projected to nearly double to 1.14 billion by 2050. These women are living longer, healthier lives, and are increasingly contributing to economic activity, policy advocacy, and cultural shifts. This “longevity economy” represents a transformative force that policymakers and business leaders must recognize and leverage.
Economic Contributions
Women aged 50 and older are a major driver of economic activity. In the United States alone, companies owned by women generate nearly $3 trillion in economic output and create 23 million jobs. Globally, women influence 64% of all consumer spending decisions. By 2028, their control over discretionary spending is projected to reach 75%, making them a dominant force in global markets.
The report emphasizes that the spending power of women over 50 extends beyond consumer goods to encompass healthcare, travel, financial services, and education. These women are not only significant consumers but also creators of economic opportunities, particularly in industries that cater to aging populations.
The Role of Unpaid Care Work
Unpaid caregiving is one of the most substantial yet undervalued contributions made by women in this demographic. Women globally perform more than 75% of unpaid caregiving work, dedicating hours to caring for children, elderly family members, and others in need. This work, though vital to the functioning of societies, is often unrecognized in economic metrics and contributes to financial insecurity for women as they age.
The report underscores the need for policies that better support unpaid caregivers. This includes providing access to caregiver training, financial assistance, and social protections, as well as ensuring that caregiving responsibilities do not hinder women’s workforce participation or economic independence.
Challenges and Disparities
Despite their contributions, women over 50 face systemic barriers that limit their full economic participation. Key challenges include:
- Ageism and Gender Discrimination: Women over 50 often encounter biases in the workplace and consumer markets. Stereotypes about aging women can marginalize them and restrict their opportunities.
- Wage Disparities: Many women in this age group earn less than their male counterparts, exacerbating financial insecurity during retirement.
- Access to Resources: Limited access to reskilling programs, healthcare, and financial planning tools further constrains their economic potential.
Opportunities for Growth
The report highlights several strategies to unlock the potential of women over 50 and fully integrate them into the global economy:
- Inclusive Workplace Policies: Employers must adopt age- and gender-inclusive practices, including flexible work arrangements, mentorship programs, and pathways for career advancement.
- Targeted Product and Service Development: Companies can capitalize on the spending power of women over 50 by designing products and services that meet their unique needs, such as health-focused technology, travel options, and financial planning tools.
- Empowering Entrepreneurs: Supporting female entrepreneurs with access to capital, training, and networking opportunities can amplify their contributions to local and global economies.
- Recognition of Caregiving Contributions: Governments and organizations should provide financial and social support to caregivers, acknowledging the critical role they play in sustaining families and communities.
A Call to Action
The report concludes with a call for policymakers, businesses, and civil society to recognize the transformative power of women over 50. Investing in this demographic is not only an economic imperative but also a means of fostering more inclusive and equitable societies. By addressing systemic barriers and providing opportunities for growth, stakeholders can harness the full potential of the global longevity economy.
Women aged 50 and older are an irrefutable force in the global economy. They are consumers, caregivers, entrepreneurs, and community leaders, driving innovation and fostering resilience. By addressing the challenges they face and amplifying their contributions, society can benefit from their wisdom, experience, and economic power. The report serves as a roadmap for leveraging the potential of this dynamic demographic to shape a prosperous and inclusive future.