Thanks to 4,216 individuals who participated in what may be the most significant international study to date of widowed persons—focused on resilience, relationships, and important financial matters. The experiences and insights of survey participants can help other widowed persons and professionals who work with widows. Their stories are very important and deeply appreciated!
"Helping Repartnered Widows Navigate Romance and Finance: The Role of Financial Advice," was published in the May 2017 issue of the Journal of Financial Services Professionals. A second article based on this research was published in the August 2017 issue of the NAPFA Advisor. A third report, Enhancing Financial Confidence Among Widows: The Role of Financial Professionals, was published in the December 2017 issue of the Journal of Financial Planning.
Our first scholarly study, "Widows Voices: The Value of Financial Planning," was published in the January 2016 issue of the Journal of Financial Service Professionals.
Why This Research Matters
These academic, peer-reviewed studies confirm that widowhood is a transition during which women want to understand and feel more confident about their financial situations. Most respondents indicated that having a trusted financial advisor (one who is competent, honest, and kind) can play a paramount role in achieving both goals.
Yet, considering that 70% of widows fire their financial advisors after a spouse’s death, there’s no question that many widows have trouble finding advisors who inspire the confidence they require to work through their transitions successfully.
Widows clearly have unique needs that are often reflected by a comment one widow made in our first study:
"I've been a widow for five years now. The first four were a blur, and I can't say I made rational decisions. Now I'm trying to recover from all that I've lost through poor decision-making."