Press

By: Stacy Francis

June 6, 2024

Stacy Francis, President and CEO of Francis Financial, highlights the four steps to help women, who have lost a spouse, rebuild their finances.

The loss of a spouse is one of the most challenging experiences anyone can face, especially when it brings new financial responsibilities. When a spouse who handled all financial decisions passes away, the surviving partner may find herself at a loss, not knowing how to access funds, pay bills or manage investments. This sudden shift can add a significant emotional and logistical burden during an already complex grieving process.

Take the case of Tanya, who felt woefully unprepared as she found herself managing finances for the first time after her husband’s passing. Tanya’s world shattered the day her husband, Mark, passed away. They had been married for 20 years, and Mark had always taken care of their finances. Tanya, a talented artist, had focused on her passion for painting and raising their two children, Mia and Jake. Mark’s sudden death left her not only heartbroken but also overwhelmed by the financial responsibilities she had never faced before.

Tanya is not alone. A troubling statistic from UBS reveals that only 20% of women participate equally in their household’s long-term financial decisions during their marriages. This lack of involvement leaves many widows vulnerable when they must take over their financial destinies suddenly.

Read the full article here.

Learn more about the financial planning and wealth management process and contact Francis Financial today.