Bereavement hits women’s finances
Women suffer more in financial terms than men when their spouse dies, according to new Royal London research supported by the Dying Matters Coalition.
More than half of women reported that their household income was lowered after bereavement, compared to around a third of men, while nearly double as many women as men said they had less disposable income.
According to Royal London, the research showed the importance planning ahead for financial security.
Royal London’s Simon Cox said: “The research shows a clear bereavement gender divide, with women faring the worst. While we can’t prepare for every eventuality, and as difficult as it may be to talk about dying, having plans in place will help loved ones left behind be more financially secure and manage the everyday chores and tasks.”
Dying Matters Chief Executive Claire Henry added that the emotional weight of bereavement could mask the practical and financial issues it also causes.
She added: “It also demonstrates the importance of making effective plans well before they are needed. Planning a funeral, making a Will, arranging insurance and lasting power of attorney are good not just for our own peace of mind, but also help make things easier for those we leave behind.”
Tags: Claire Henry, Dying Matters, finances, gender