In the words of Benjamin Franklin ‘nothing can be said to be certain, except death and taxes’. And, while death may be inevitable, we never know exactly when it will strike.
Financial advice is primarily about preparing for the unexpected. Well-planned savings, investments and insurances help us live the life we desire, and protect us when an unexpected curve ball is thrown our way.
In her article How Does It Feel To Be Single After A Lifetime Of Marriage? Naomi Chrisoulakis tells the stories of four women, aged 53-95, who have rebuilt their lives following the death of their partner. A thought-provoking insight into the power of love, family and our ability to adapt, it also demonstrates the need for financial planning and advice for newly-single women.
‘In Australia, older women are far more likely to die single. In fact, the most recent report
from the Australian Bureau of Statistics found that almost three quarters of women will
die alone, while the vast majority of men are survived by their wives.’
Interestingly, while this is due, in part, to the greater life expectancy of women, ‘men are also much more likely to remarry than women.’ This further shows the need for financial planning and advice for surviving women, who often do not remarry and need to plan to be on their own financially.
And, while significant life changes always bring emotional turmoil, it is easier to navigate this period of change, grief and sadness if money is not adding to your daily worries. Learning to create a new life without your partner is an uncertain, strange and difficult process, but it is noticeably easier if your financial situation is under your control.
Chrisoulakis quotes Dr Olga Lavalle, psychologist and author of The New Normal: A Widow’s Guide to Grief, who suggests that ‘some women who might have spent the latter part of their life caring for their husbands can experience a new-found sense of freedom, which they may greet with surprise and, sometimes, guilt.’
Ultimately, life is for living and enjoying. While every woman’s circumstances are different, it is vitally important to our health and wellbeing to live each day experiencing a measure of fulfilment and peace. But, unfortunately, financial difficulty will always undermine these feelings. That’s why it is so important for single women to have understanding and clear management of their financial affairs.
Another expert quoted by Chrisoulakis states ‘Women thrive. They go to shows, they travel, they play cards.’ Whether you want to learn new skills, spoil your grand-children or travel the world, your finances should be structured to support your individual needs.
TruWealth is a Melbourne-based financial advice practice that specialises in helping pre-retiree single women - those who have never married or are widowed or divorced - to manage their financial affairs and achieve financial independence. Our mission is to empower single women by taking them through a process that educates and assists them to create financial security and feel in control of their financial future.
Take the first step to financial strength and independence, contact TruWealth on 03 8648 6534 or email contact@truwealthadvice.com.au