Women who experience a significant life crisis such as a divorce, death of a spouse or job loss are more likely to struggle with finances than men dealing with a crisis. A life crisis also takes a bigger toll on women's emotional health, according to a survey by AARP Financial Inc.
"No one escapes the financial implications of a life crisis, but they are particularly acute for women," said Richard "Mac" Hisey, president of AARP Financial Inc. "The demographic considerations are obvious: women outlive men, so they experience more life crises and deal with the consequences longer. But women also tend to be the caregivers. That means women are frequently dealing with the human and logistical consequences of a life crisis, leaving little time and energy for the financial considerations."
Of those polled, 65% of women ages 40 to 79 had experienced a major life crisis that significantly impacted their finances. Of people who had experienced the death of a spouse, 46% of women vs. 17% of men said it had a significant impact on finances. Also, 66% of women who had experienced a long-term job loss in their household said it had a huge impact on their finances, compared with 49% of men.