Ageism In The Workplace: Accelerating A Future Of Poverty?
“According to a study for The Pew Charitable Trusts, as many as 56 million private sector workers lack access to a retirement savings plan through their jobs. Furthermore, it is estimated that such limited savings could lead to a cumulative additional cost to the federal government of $964 billion between 2021 and 2040. Another study with more than 8,000 people revealed one in five people over 50 have no retirement savings and need to work indefinitely, and 37% worry about meeting basic living costs such as food and housing.
Moreover, systemic workplace ageism continues to derail employment for many older workers before they are eligible for government benefits. A 2022 study by the National Bureau of Economic Research revealed workplace age discrimination as a leading indicator of financial instability and heightened poverty risk.”
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