In my work helping single women make sense of their money and their taxes, I frequently talk to women who used to be married, but are not now.
If you are a married woman, the odds are high you will not be married in the future.
Longer lifespans for women and increasing rates of divorce among those over 50 mean that many married women will inevitably become widows or divorcees. Eighty per cent of women will end up solely responsible for their finances, often for a decade or more.
Some are ready for this responsibility – many are not.
I have spoken to widows who haven’t seen a bill in decades. Divorcees who lived in nice houses, drove nice cars, went on lavish trips who were shocked to find out their actual wealth was minimal.
Recently UBS surveyed hundreds of divorced and widowed women about the financial challenges they faced on their own. You can read more about the survey here. (I do not have any affiliation with UBS)
A full 98% of the surveyed widows and divorcees encourage other women to take a more active role in finances.
Some statistics:
- One million women in the U.S. get divorced each year
- 1 in 4 divorces occur among couples over 50
- This is the so called “gray divorce” phenomenon
- The divorce rate in this age group has doubled in the past 30 years
- 1 in 4 divorces occur among couples over 50
- 975,000 women in the U.S. are widowed each year
- 59 is the median age of widowhood
If you are married and feel behind the curve when it comes to knowledge about your finances (male or female), the first step is know where you stand.
Start asking questions.
- What do we own?
- All bank accounts, retirement accounts, real estate, business interest.
- Where are these accounts and if they are all over the place, why?
- What do we owe?
- Mortgages, loans, credit cards, other debt.
- Do we have life insurance?
- What kind? How much? Who is the beneficiary?
Find your voice. Start the conversation.
