Divorce can represent a significant roadblock to women achieving true financial security, according to a new study from the US.
The study by Allianz Life found that 64% of divorced respondents said their divorce created a financial crisis for them, and 59% noted that losing their spouse/significant other due to divorce was a real “wake-up call” for them from a financial standpoint.
These responses came despite the fact that the majority of women in the study (51%) said they are in charge of the finances in their household, and more than two-thirds (68%) of women said they currently feel financially secure, with that number rising to 73% for married women.
When asked what worries keep them up at night, more than a third (34%) of women in the study identified “running out of money in retirement” as their top concern. Not surprising, this fear was much higher for divorcees and widows, with half of all divorced respondents and a full 40% of widowed respondents ranking it as their biggest worry.
Furthermore, divorced women said they struggle the most with saving enough to meet their goals, with 65% agreeing it’s hard to save for both short- and long-term goals because they live paycheck to paycheck. This response was significantly higher than that from either single (51%) or married (47%) respondents.
“It’s clear that no matter how confident women feel about their current financial situation and ability to manage money, divorce and/or becoming a widow can create turmoil that has lasting effects,” said Allianz Life Senior Director of Consumer Insights Deb Repya. “It’s important that women play an active role in every aspect of their family’s financial planning so they are better prepared for whatever challenges the future may bring.”
For expert legal advice on divorce and separation, then contact our specialist family lawyers today.