More than half of widowed women staggered by financial woes
While carrying on without one’s other half is hard enough, new research reveals that the pain for widowed women is compounded further by financial challenges, particularly for those who hadn’t prepared for the worst.
A new survey by Thrivent has revealed that more than half of widowed women in the US experience significant financial difficulties following the death of their spouses. The survey, conducted online in May 2024, included 422 female widows from across the nation and aimed to shed light on the financial preparedness and challenges they’re confronted with.
According to the findings, 51 percent of widowed women reported living paycheck to paycheck or struggling to manage their bills after their spouse’s passing. A notable 41 percent of respondents admitted they had not engaged in any financial planning or discussions prior to the loss.
“Losing a spouse is one of the hardest things anyone can experience,” Teresa Powell, a financial advisor at Thrivent, said in a statement. “Immediately after this terrible loss, many widowed women face a tremendous financial burden without a solid plan in place.”
Key statistics from the survey emphasize the importance of financial preparation among married couples. Sixty percent of widowed women described the loss of their spouse as unexpected, yet only 29 percent had created a will with their spouse. A mere 6 percent met regularly with a financial advisor, and only 5 percent had developed a written financial strategy.
Debt also emerged as a significant issue. Thirty-nine percent of widowed women carried over $25,000 in debt following their spouse’s death, with 10 percent shouldering more than $100,000. Additionally, 71 percent reported that paying off debt became moderately or
Read more on investmentnews.com
