Is Ageism Hurting Your Finances?
The fact that ageism is a reality in the world today is hardly a newsflash to women anywhere.
Countless among us have grappled with this very real challenge (64 percent of women say they've experienced age discrimination in the workplace). But what hasn't been quite as extensively covered perhaps is the financial fallout from ageism—specifically, the price women pay when they're impacted by such discrimination.
As AARP points out, the impacts of ageism might include everything from involuntary retirement due to age bias, to part-time employment because of continual rejection for full-time jobs, to missed opportunities for raises, or longer periods of unemployment compared to younger workers.
Each of these scenarios comes with a financial cost. For instance, many who face ageism choose to leave the workplace in question. But finding another role is often near impossible. According to AARP, about 76 percent of older workers say age discrimination is a hurdle to landing that next job, and 90 percent say that when they did, they earned less than at their previous positions.
So, what is one to do about the monetary costs of ageism? How do you compensate for it, or prepare in advance? (A question that's particularly relevant if you're a young person, because one day you, too, may face such challenges.) These are all important questions that warrant thinking about—as well as how to address ageism when you face it. Here are some of the ways to approach these hurdles.