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 much more difficult after losing their spouse, highlighting the financial dependency many had on their partner.
Less than half (48 percent) of the widows surveyed felt prepared to manage their finances post-bereavement. Their primary concerns included becoming the sole financial decision-maker and paying monthly bills on time, which was a challenge for 70 percent of respondents. Other concerns included budgeting on a reduced income (44 percent), managing debt (37 percent), and saving for retirement on a single income (21 percent).
The survey also found that a majority of widowed women (68 percent) made immediate changes to their financial activities. Of these, 35 percent had to reduce or stop spending on non-essential items, 14 percent withdrew money from retirement savings to cover expenses, and 11 percent reduced or stopped contributing to their savings altogether.
“While nothing can protect against the heartache of losing a spouse, creating a financial plan with your spouse ahead of time is one of the greatest acts of love you can do for one another," Powell said.
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