Fear of being homeless

Yesterday I talked about money fears and the fear of being homeless. The fear of being homeless is not an irrational fear as every day I hear stories in the news about seniors being displaced from their homes. This is a result of the high price of property in the area where I live. Many seniors who rent are being forced out by landlords eager to capitalize on the increased property values. The governments are looking at the issue and are taking steps to help seniors and others who are caught up in the renovictions landlords are using to increase their income.

Around the world there is also, concern about seniors becoming homeless. A 2013 report by Women’s Property Initiatives looked at Bag Lady Syndrome in Australia and found that Australian baby boomer women are facing a poverty crisis that will affect wellbeing, economic viability and housing – and leadership is needed to ensure these women do not become “bag ladies” on the streets in their twilight years.

The increasing problem of lack of affordable housing has a dramatic but under-reported impact on single older women. The report also found that older women’s housing stress is linked to the following circumstances:

·       older divorced or separated women in Australia have the highest rate of financial disadvantage of all separating couples

·       women live longer than men but continue to earn less then men, both in lower wages and due to working part-time hence women have fewer savings and superannuation

·       the lack of appropriate and affordable housing

·       older women are subject to exploitation by others, such as family members whose interest is the housing, not the women

·       older women face problems of cultural adaptation and can be embarrassed about revealing their plight, such as lack of family support, to the public and/or welfare organizations

·       older women’s lack of money skills and knowledge of where to access help when their partner dies

·       older women’s susceptibility to the marriage breakdown of the adult children who support them, with the most significant increase in the proportion of divorced and separated adults in the 40-69 age range.

·       psychiatric disorders are more prevalent amongst older women than men.

·       older women have high rates of poverty.

But being homeless doesn’t have to become inevitable. At any age, you can change your situation so you don’t end up on the streets. First of all, try to save a little bit each week, even if it’s a tiny amount in a jar – it’ll add up. Then, get some financial advice whether it’s online or in person.

After that, it’s all about finding out what you really want out of your 60s and beyond. Remember: you have a community here that can help you if you need it – you’re never alone.