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When Times Get Tough - Dealing With The Financial Impact Of An Emotional Event

As Albert Einstein once said, ‘The only thing we can be certain of in this life, is that we can be certain of nothing’.

Perhaps a tad dramatic Albert, although it is true that life seems to have a habit of throwing curveballs at us.

And the loss of a partner – through death or divorce – can be particularly difficult. 

There are so many financial implications to death, divorce or even meeting a new partner.

The death of a spouse can have a substantial impact on the surviving spouse’s lifestyle – and divorce is often the last thing couples expect to disrupt their future plans. 

Did you know that 59% of women are worried about outliving their savings compared to 47% of men, and divorced women (67%) are among the most worried?

Let’s look at Claire (our fictitious client), a 50-year-old homeowner who is dealing with the loss of her spouse and is concerned about managing her financial situation by herself (for the first time in her life). There are so many things to consider and the people around her all seem to have different advice. Should she hold on to all current investments or sell them, so she has one less thing to worry about? The financial world is very daunting to her. When you don’t understand something fear steps up to the plate.

Perhaps she should consider investments that could produce regular income, so she can rest assured she’ll have money to cover her essential expenses for life?

Claire needs someone on her side who knows what they are talking about (friends mean well, but do not always give the right advice). An experienced financial adviser can help Claire navigate this uncertain path.

But, even with a trusted Adviser to guide and support, if Claire had a reasonable understanding of financial terminology, it would make things so much easier for her. It would enable Claire to better understand all of her options and advocate more strongly for herself when required. And it would help her to feel more empowered during an already very difficult time.

That’s what Got Money Honey is all about. Giving women of all ages the knowledge and confidence to take control of their own financial journey.

If this is something you feel you could benefit from, we’d love you to join us. www.gotmoneyhoney.com.au