The above blog headline in today’s post is the lament of many American women who are now divorced in their so-called “baby boomer” years and strongly focused on financial matters.
It is certainly true, of course, that high numbers of individuals in that group are quite astute about personal investing and financial planning. Conversely, though, empirical evidence concludes that many women over the age of 50 who are facing new post-divorce opportunities and challenges are playing catch-up in their homework.
A recent Bloomberg article on divorced baby boomer females and post-dissolution money management duly notes that. The publication stresses that legions of females emerging from “gray” divorces must now “shoulder the big financial decisions they’d let their spouses deal with when they were married.”
That is reportedly a daunting undertaking for many of them. Data reveal that a clear majority of married American women – and not just older females – leave the bulk of money management and investment decisions in the hands of their husbands.
When a marriage sours after years or decades, that “abdicating of important financial decisions” can suddenly render dire consequences. Bloomberg points to a wealth management company’s survey of boomer-aged women that underscores “negative surprises” emerging with knowledge of spouses’ hidden spending/debts and secret accounts.
A key takeaway from the above survey is that affected respondents generally take quick and reasoned actions aimed at increasing financial acumen and empowerment in the wake of a gray divorce. Tellingly, more than 80% of surveyed individuals entering into new relationships are more involved in financial matters than they were during their prior relationship.