It is seldom planned or wished for, but it is a reality and something that requires discussion – the illness and/or death of a spouse or partner. As the so-called Baby Boomer generation ages, there is a marked increase in widows suddenly left with financial situations that they do not fully understand. There are others who are forced to financially self-educate while providing quality of care for a partner that previously, and perhaps solely, took care of that role.

Over the years, many women have become more financially savvy. In fact, they have increased their involvement in household financial matters by one-third over the past 10 years. But even with these gains, nearly half of married women leave the financial strategy to their spouse and nearly 80% admit to not having the financial knowledge to plan effectively for the future. For women to avoid the boomer-widow financial syndrome, it is important to gain financial knowledge before something disabling or tragic happens.