Though divorce is difficult for anyone, women often report a significant, negative change in their finances due to the breakup of their marriage. Women are more likely to bear the bulk of responsibility for child-rearing, which may mean that their careers take a backseat in comparison to their husbands’, if they decide to work outside the home at all. Often, they are not in charge of household finances during their marriages and may feel insecure about them once they divorce.
If you are in this situation here in Maryland, know that you are not alone. However, one study reports some good news. The number of divorced women who say that they feel confident in regards to their finances is going up. Since divorce can affect not just the family unit, but also every financial aspect, including health care, taxes and retirement, this information shows that divorce doesn’t have to be a financial detriment to women.
The results of the study
The study, conducted by a life insurance company, looked at almost 1,500 women. It found that, just three years ago, only 59% of women reported feeling financially secure after divorce. When researchers compared that data to women this year, they found that the percentage rose to 65%.
Furthermore, the study reported that more women make use of a financial professional. This year, 88% considered their financial professional as their main source of information. In 2016, that figure was only 61%. Researchers say this behavior likely increases women’s financial confidence.
What’s behind the rise?
The biggest reason for the increase in financial confidence in divorced women is time. The greater amount of time a woman has been divorced, the greater her confidence in her own financial competence. Women divorced 10 years or more seem to have the highest confidence in themselves. Time seems to give these women more means to become financially literate. Fifty-two percent of those divorced more than 10 years desire more knowledge when it comes to financial planning. Looking at women divorced less than 10 years, that number jumps to 73%.
The percentage of women using a financial professional also goes up the longer a woman has been divorced. Researchers say that such a relationship is necessary for giving women the confidence to handle their own money and financial future.
If you’re divorced or considering having one, learning how to manage your finances is important if you’ve never done so before. Being able to financially take care of yourself and your family can give you peace of mind. A divorce is no cause for shame, and you have the ability to go forward to a bright future.