Women, ageing and financial independence

Early conditioning and experiences shape our actions, reactions, expectations and our overall life trajectory and narrative. We teach young girls to be responsible, adaptable, caring and supportive. These are important values, but alongside them, we must nurture an equally vital form of independence: financial independence-the ability to earn, save, invest, own assets and make informed financial decisions for themselves. An older woman’s financial security is rarely determined in old age; it is built over a lifetime. It is shaped by the opportunities she receives, the work she is able to pursue, the assets she owns, and more importantly, the financial agency and confidence she develops along the way.

India is entering a new demographic chapter. As people live longer and families evolve, ageing is a conversation that goes beyond retirement-it is increasingly about how we prepare for longer lives with financial security, purpose and dignity. India’s ageing population is projected to reach 347 million by 2040. This transition also has an important gender dimension. According to the Longitudinal Ageing Study in India (LASI), there are 1,065 women for every 1,000 men among Indians aged 60 and above, highlighting the growing feminisation of ageing and the need to address the distinct social and financial vulnerabilities older women may face.

Financial independence is a lifelong foundation

Financial independence is often viewed through the lens of income and earning capacity, but true financial agency extends well beyond simply income. It means having the knowledge, ability to understand and make decisions about one’s money, assets and future. A woman may be educated and earning yet remain financially dependent if she has limited understanding of her financial situation or is excluded from financial decision-making regarding her money, assets, property, health insurance and savings.

HelpAge India’s 2023 report, 'Women & Ageing: Invisible or Empowered?', highlights the vulnerabilities many women face in later life. The findings reveal that 69% of older women do not own any assets and 73% have no savings of their own. The lack of economic security from a savings perspective is seen to impact the decision-making status of older women, of whom only 20% have always taken decisions for themselves. For 65% women, it has been either their spouse, in laws/parents, or other family members, who have always taken decisions at their behest. Financial vulnerability is often compounded by health concerns: 48% report at least one chronic condition, while 65% do not have health insurance. Financial security in later life is often shaped by decisions, opportunities and circumstances accumulated over a lifetime. Career breaks or no formal employment, years spent in unpaid household and caregiving work, limited ownership of assets & savings, or relying on someone else to manage finances may appear inconsequential at different stages of life. Over time, however, they can significantly influence a woman’s financial resilience, her ability to support herself, and her freedom to make independent choices as she grows older.

The invisible economics of care

Women have long carried much of the unpaid care within families, to their children, spouses, parents and grandparents. We celebrate this contribution, and rightly so, but we rarely ask what it means for the woman providing that care. What happens to the income she did not earn? What happens to the savings she could not build or the career opportunities she had to put on hold?  Care has enormous social value as it holds families together, yet its economic value often remains invisible. The impact can become particularly clear in later life, both in terms of health and financial well-being. 67% older women are in caregiving roles, while 31% older women are unable to manage the burden of their care taking roles, as per the HelpAge report.  The answer is not for women to care less, but to ensure that caring for others does not come at the cost of their own financial security. Marriage, too, should not become a substitute for financial independence. It is a partnership rooted in companionship, shared responsibility and mutual support-not a retirement plan. Whether married, widowed, divorced or single, every woman should have the financial agency to support herself, build security for the future, and participate equally in decisions that shape her financial well-being.

From childhood to later life, financial agency must evolve

Financial empowerment can begin with simple lessons. For a girl, it may start with pocket money and learning how to save. For a young woman, it can mean earning, understanding credit and beginning to invest. For working women, it should include insurance, assets and retirement planning. It should also include planning for periods when she may step away from paid work to care for her family. As women grow older, the conversation must expand to pensions, healthcare costs, succession planning and protection of assets. For older women, however, financial empowerment should not be limited to protection and welfare. It should be about choice. Our understanding of older women must evolve in the same way.

They are not only dependents or recipients of care; they are caregivers, workers, mentors, entrepreneurs and community members. With the right support, they can continue to contribute and make decisions about their own lives. The older women we see tomorrow are the girls we are raising today. If we teach girls that caring for others and securing themselves are competing priorities, they may continue to choose one at the expense of the other. But we can create a different future. A future where women can care for their families without becoming financially invisible. Where motherhood does not have to mean giving up financial independence. Where marriage is a partnership rather than a retirement plan, and where an older woman can make decisions about her money, healthcare and future with confidence. The goal is to ensure that women can live a quality life with choice, confidence, purpose, and dignity. Financial independence should not be a phase of a women 's life, it should be a foundation that stays with her from her first bank account to her later years.  If we want tomorrow’s older women to age with dignity, we must start building that future today.

The author is a Governing Body Member, HelpAge India; Views presented are personal.