A recent survey finds the loss of a spouse or partner due to divorce or death can have a significant financial impact especially on women. However, taking steps early to learn more about finances can better prepare women for financial security.
Nicole Middendorf already had her own Plymouth financial advising company long before she got divorced. Now a single mother of two, Middendorf was even a certified divorce financial analyst, yet her own divorce still produced some costly surprises.
"It was a wake-up call to how complicated the divorce process can be," said Middendorf.
According to a recent Allianz Life study on women, money, and power, 64 percent of divorced women said their divorce created a financial crisis while 60 percent percent of widowed women said the loss of their spouse served as a financial wakeup call.
"For women, we're in the workplace more, we're taking on the household budget, but their may be topics we stay away from," said Deb Repya, Allianz Life Vice President of Consumer Insights.
Repya says women need to prepare for the unexpected, and it's never too late for women to start learning more about their own comprehensive financial situation.
"Things like investments or insurance, IRAs, annuities, all those kinds of topics that maybe they've steered away from before, and not to be afraid of them," said Repya.
Finding a financial professional to work with can be a good way to start learning more about financial matters.
"All of us wake up in the morning with the same 24 hours, and we all need to be financially responsible for ourselves," said Nicole Middendorf.
As a wealth advisor, Middendorf has met many women and some men too caught off guard by a sudden life change and struggling with how to move forward financially. She hopes more people start preparing for the 'what-if' so they don't have to ask the 'what now?'
"I really wish that every woman out there would take advantage of their own financial situation and be very independent and say, 'OK, I don't have to wait for a death or divorce or something to make me really look at my financial situation,'" said Middendorf.
The Allianz Life
study also found only 30 percent of women surveyed used a financial professional for guidance.
Alexandra Renslo email@example.com
June 5, 2017