Losing a Husband, the Subsequent Effects on the Wife Left Behind
When a woman experiences the loss of her husband her life changes immensely. She must learn how to cope with the financial, social and emotional impacts on her new life. For most marriages, the husband is the traditional breadwinner of the home. Most men take pride in taking care of their wives, as well as the entire family. The wives are inclined to rely upon their husband to handle all financial matters. Without realizing it, the husband is doing a disservice to his wife by handling it alone. Although women age 65 and older are three times as likely to survive their spouse compared to men in the same age group, many women continue to let their husbands handle everything financial (Palmer). Many widows often find themselves with less money than expected and no knowledge of how to manage it (Brown). Women, more often than not, lose their financial mainstay and the guardian of their life security when their spouse has died. Women experience a 50% decrease in net income upon being widowed and only a 20% average decrease in expenses (Palmer). The average age of a widow is 56 and the road to poverty sometimes begins after their spouse has died (Nance-Nash). As the widow finds herself unsure about being able to take over the role as provider and ensure financial stability for the household, she must be able to locate key financial documents and records to maintain the household (Pavia). Having the dreaded conversation about death and money while both partners are still living would be an asset to any relationship. Unfortunately, when the widow suddenly becomes responsible for all financial decisions, she may be left struggling to pay the bills. Some women find help with the assistance of a financial adviser. Assessing finances by gathering up all financial documents can help make sense of her financial situation. Being able to lean on a trusted adviser in such a difficult situation can be a tremendous help to the widow. Trying to figure out how to
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