The financial and emotional implications of a life crisis affect women more than men, according to new research findings from AARP Financial Inc. The survey of 600 men and 600 women age 40-79 looked at four life crises; divorce, death of a spouse, long-term job loss, and serious illness or disability. In all four instances, women struggled more than men.
Both men and women rarely seek professional financial advice in a crisis-they rely more often on friends and family-but women who do seek professional advice usually feel well served, more so than men.
“The fact that many people do not know where to turn in times of life crisis means that the financial planning industry has not effectively communicated its care and concern” said Mac Hisey, president of AARP Financial. “As an industry, we must do a better job of encouraging women to seek advice from financial professionals during life crises, as immediate, expert advice can make a critical difference in families’ finances for the long term” I couldn’t agree more!
