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Report: Older women face more financial burdens, social isolation than men

By Brandon Smith

Posted May 16, 2024

The average annual cost of care for older adults is higher than the median personal income for both older men and older women in central Indiana. (Screenshot of Zoom call)

Older women face a much greater financial burden than their male counterparts as they age.

That’s one of the takeaways from the Polis Center’s State of Aging report, unveiled Thursday.

The study looked at adults aged 55 and older in central Indiana — the region’s fastest growing demographic.

Equity research analyst Kayla Duncan said social isolation is a threat to older people — and older women are 70 percent more likely to live alone than men.

“Black older women are over 20 percent more likely than White older women to live alone and almost 90 percent more likely to live alone than Hispanic older women,” Duncan said.

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The report shows that the median income for older men is nearly double that of women — about $41,000 to $22,000.

Associate director Karen Comer said that becomes acutely problematic when looking at things like assisted living or home health care.

“The average annual cost of care for older adults exceeds the median personal income of older adults, for both men and women,” Comer said. “This means that there are many older adults who cannot afford long-term care.”

The report is aimed at educating people and helping guide policymakers’ decisions.

Brandon is our Statehouse bureau chief. Contact him at bsmith@ipbs.org or follow him on Twitter at @brandonjsmith5.