Your relationship status can play a significant role in how you think about and manage your money.
The financial services organization, Equitable Advisors, recently employed an independent research firm to survey more than 1,700 women ages 18 to 77 to explore how a woman’s personal relationship status influenced her actions and decisions regarding her money.
Here are the findings:
- Single women stated that income is the number one life event that encourages them to become more involved in their finances,
- Among divorced and widowed women, the end of their marriage and the death of their spouse, were the most common reasons they became more engaged with their finances,
- More than half of divorced and widowed women expressed regret for not having been more involved in financial decision making before their marriage status changed,
- Married women gradually became more involved in their finances over time.
How does relationship status impact financial behavior?
The survey pointed out one glaring truth: regardless of the relationship status, the majority of women surveyed regretted not paying more attention to their finances at an earlier age.
This sentiment was strongest among divorced women (70%), widowed (67%), married women (64%) and single women (63%).
The study also revealed that many women feel less confident about investing and retirement planning after a change in their relationship.
While having enough money to cover unexpected expenses is a top financial goal across the board, single, divorced and widowed women also list other short-term financial needs, such as simply being able to pay their monthly bills.
The survey also indicated that when a woman’s relationship status changed, that was a catalyst for seeking the help of a financial professional.
How much does working with a financial professional help?
Relationship status aside, women who work with a financial professional saw improvements in their financial well-being, with over 90% saving for retirement and 72% creating a financial plan for the future.
In comparison, women not working with a financial professional, only 64% were saving for retirement and just 16% had a written financial plan.
Despite the benefits of working with a qualified financial professional, only 20% of women employ such a person.
About the study
The “Women, Money and Relationships” study was commissioned by Equitable and conducted by Zeldis Research Associates from June 2023 – July 2023 among 1,702 respondents.
Retirement Solutions has been working with women for over 40 years and has the experience, knowledge and commitment to help a woman improve her financial situation. We offer a woman a no-obligation, no-cost 15-minute consultation to determine whether there is a good “fit” with Retirement Solutions. Simply click the “Schedule a Consultation” link in the upper right corner of this webpage to schedule a brief call at your convenience. There will be no pressure placed upon you, we promise.