Published by Taylor Financial Group (for women)
Scary statistic alert: since the 1990s, the divorce rate has doubled for the 50-plus crowd. Moreover, according to a 2018 report, “Own Your Worth” by UBS Global Wealth Management, most married women (56%) leave major investing and financial planning decisions to their spouse. The result? By leaving major financial decisions to their spouses, many women are left vulnerable when separation or death strikes.
According to UBS, 59% of widows and divorcees regret not taking part in long-term financial planning when they were in a marriage. These women who found themselves alone wish they had been more active in finances while they were in a couple and advise other women to be involved early on and break the cycle of financial abdication. Moreover, these women practice what they preach and 80% of the women who remarried said that they were more active in financial decision making in their new relationship.
Bottom line: many widows and divorcees (56%) were surprised with financial wrinkles during their separation process. In hindsight, 94% of widows and divorcees would demand complete financial transparency with their spouse during their marriage. And why not?
It is never too late to learn more about your financial situation! At Taylor Financial Group, we encourage open and honest conversation around our clients’ finances, and regularly meet with our clients to ensure their personalized financial plans reflect their changing needs. If you have any questions or concerns about your financial plan, feel free to reach out to us at Taylor Financial Group so we can help you create a more positive financial future.
Source:
“Rise of ‘Gray’ Divorce Forces Financial Reckoning After 50,” thinkadvisor.com