More than half of widowed women experienced financial challenges after their spouse's death, according to survey results released Wednesday by Thrivent, a financial services organization. Fifty-one percent of widows either found themselves living paycheck to paycheck or struggling to pay bills.
"Losing a spouse is one of the hardest things anyone can experience," Teresa Powell, a Thrivent financial advisor, said in a statement. "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."
The survey found that this is seldom the case. With 60% of widowed respondents reporting that their spouse's death was unexpected, only 29% of all widows said they had created a will with their spouse while they were together. Six percent said they had regularly met with a financial advisor, and 5% had developed a written financial strategy.
Financial professionals clearly have a role to play in helping women adjust to widowhood.
Thrivent conducted an online survey in May among a national sample of 422 widowed women with the aim of understanding the financial preparedness challenges they faced.
Range of Financial Struggles
Debt is a major financial challenge facing widowed women, according to the survey. Thirty-nine percent of respondents carried some $25,000 in debt immediately following the loss of their spouse, including 10% having more than $100,000 in debt.
Seven in 10 said losing their spouse made paying off debt moderately or much more difficult, indicating how much they may have relied on their spouse for financial support.
