Women live longer than men. But there is a big difference between longevity and healthy longevity, and today we know that economic and social factors also affect this gap. Yet financial and insurance services designed to address women’s social well-being and economic resilience are still practically non-existent. This in fact concerns everyone and underpins the longevity economy. We discuss it with Nic Palmarini, Director of the UK’s National Innovation Centre for Ageing (NICA).

Nic Palmarini, gender is a determinant of health from many points of view. What kind of health “users” are women?

“Women spend 29% more per capita than men on their health. And they are much more likely to use digital tools to improve or monitor it: as many as 75% do. What is more, within the household they make 80% of health-related decisions. It is the result of a culture that, from a very young age, leads them to be more aware of the importance of check-ups and of paying attention to their body and mental well-being. Today it is still women who bring healthy lifestyles into the family: who do the shopping and decide whether their children eat French fries or vegetables. This ‘wave of attention to longevity’ that we are witnessing is in fact being accelerated by women.”

Yet the data show us that there is a gender health gap, that is, a difference between male and female health, especially in older age…

“That’s true. For a woman born today, average life expectancy is about 85 years, and it is shifting more and more toward 90, but if we look at healthy life expectancy the figure drops to 78 years. This is partly a consequence of another objective fact: the challenges women face in older age are incredibly harder than those faced by men. Aging in our Western culture is much easier for ‘him’ than for ‘her’: just think of social acceptance and the obstacles in the world of work. Or the so-called gray divorces, increasingly frequent, after which women are more likely than men to end up alone. All this also affects their health and contributes to the gender health gap.”

How are the market and industry responding to these health needs?

“Start-ups and companies offering solutions to close the gender health gap are multiplying, especially in the digital sphere. One example is Clue, the first app, developed in 2012, for tracking menstrual cycles: it made history as one of the first Femtech companies, leaving even Apple behind. The very term Femtech was coined by Clue’s founder and CEO, Ida Tin, in 2016. Women are increasingly encouraged to talk about sexual health, menstruation and menopause, so it is not surprising that they have started looking for solutions, which is what made Clue a success. In fact, there is a femtech industry that today is also linked to women’s longevity. Another example we can mention is the sector of sex toys designed specifically for women over 50, such as the Elvie Trainer, designed to strengthen the pelvic floor muscles, complete with an app. At least these taboos are falling, as also shown by the story of designer Alina Eynck, who won the prestigious Red Dot Award in 2022 for her porcelain sex toys. In the UK, Menopause Cafés have also started to spread: meetings between different generations to understand what happens to women when they go through menopause — a physiological event that clearly marks a precise moment in time — including in the workplace and in society. Menopause is a powerful trigger for talking about healthy longevity in a 360-degree way. The market is beginning to respond to a conscious need and desire.”

So are economic factors the great weak spot?

“Yes, today the determinants of health are above all social. Women earn less than men, are penalized in their careers because of motherhood or caregiving, and all this penalizes their capital, making them more economically dependent on their partner/husband and, essentially, more vulnerable. And here there is a whole field of action that is still unexplored: that of financial services and insurance, which do not yet target women. There is a great need for financial products and solutions designed specifically for the female population. It is a new concept that we cannot fail to take into consideration when we talk about ‘femgevity’, because it has immense repercussions on policy, on the economy and on the country as a whole.”