Bereaved spouses who have a relationship with a financial advisor can find the support invaluable in recovering their family’s financial bearings, according to a new survey.
The poll, conducted by the New York Life Foundation and the National Alliance for Grieving Children, surveyed 548 parents who lost a spouse or partner and who still had children under the age of 19 at home.
Nearly six in 10 agreed that losing a spouse had significantly impacted their standard of living and reported trouble managing household finances, while 49% of the respondents said they were not prepared for the financial impact of the spouse’s death. Two-thirds said they found it harder to “put money away” for the future.
Beyond day-to-day living expenses, those surveyed also found it harder to save money for their children’s education (62%), to get affordable health care (48%) and to obtain more life insurance (30%).
Two-thirds of the bereaved spouses said they didn’t have an advisor, although 63% said they wished they had one. Forty-six percent said they had difficulty finding someone they could trust for financial advice. However, the majority of those who had an advisor said the advisor was very helpful in dealing with financial matters.
-- This article first appeared on Accounting Today.