The end of a marriage does not have to mean the end of financial stability: in fact, for some women it is just the opposite. Some women find that having no choice but to take control of their own financial planning gives them a confidence they may have not had before.
Kiplinger.com published “Financial Confidence in Divorced Women is on the Rise,” and included the following insight:
“While 57% of women say that divorce was a wake-up call for them from a financial standpoint, the good news is that things do get better. According to the recent Allianz Life 2019 Women, Money and Power Study*, divorced women are feeling better about their finances than they were a few years ago. In addition, financial confidence among divorced women seems to rise the longer they have been divorced.”
The article goes on to discuss how women who have been divorced for more than 10 years reported the greatest gains in financial stability and overall financial confidence. Because these women have had to step up to the plate and manage their household finances many of them rely on help from a professional, such as a Fee-Only financial planner.
The statistics quoted in the article have significance for women in various situations:
>>Women who are just recently divorced can see that with time they too can gain better financial footing.
>>Women who are married can look at this, see the confidence gained by divorced women, and take steps to do more for themselves in that area. And that will look different for different women, some may need to take more ownership and get more informed about family finances if their partner does the larger share of that work. Others may want to step back or work more with their partner if they are the ones managing the family finances.
>>Women who have not married can remember that they can take ownership of financial planning in all phases of their lives.