International developments in social security privatization: what risk to women?

Throughout the world, older women are generally poorer than men. In an era when Social Security programs are increasingly under challenge by advocates of savings and pension schemes administered by the private sector, there is a need to assess the relative advantages of different public/private approaches for dealing with older women's financial needs. What would happen to women if more of the burden were shifted from the public sector to the private sector? This article presents an overview of women's vulnerability in old age and examines the role of public and private pensions in meeting their income needs. It then discusses approaches to Social Security privatization and the special issues for women raised by these issues. Finally, the issues and approaches discussed are illustrated by developments in the United States and Australia.