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AARP Financial Inc. Survey Finds: Vast Majority of Families Struggle With Financial Implications of a Life Crisis
Date:3/31/2009

friends -- who are well-intentioned but not necessarily financially well-informed."

Long-term Job Loss and Illness/Disability Have Greatest Impact on Finances

The survey found that long-term job loss and long-term disability or serious illness of you or your spouse were the events that wreaked the most havoc on family finances. Of those Americans who experienced long-term job loss, six in ten said that it had a very significant impact on their finances and 47% of respondents who experienced a serious illness or long-term disability echoed the same sentiment.

"The findings relative to long-term job loss are particularly troublesome, given the state of the economy," Hisey said. "Unfortunately, long-term job loss is one crisis that more and more Americans are likely to be experiencing."

"Perfect Storm of Personal Finance"

Beyond the angst many feel when dealing with financial matters, life crises can stir up additional emotional and psychological factors that complicate decision-making, such as denial, anger, and regret. Accordingly, over half of those surveyed (54%), said that it was hard to keep their emotions in check during a major life event and 42% said that it was at least somewhat difficult to stay focused.

"Life crises are the perfect storms of personal finance -- where the need for consequential and frequently urgent financial decisions meets an emotional hurricane," Hisey said. "Americans need help understanding that their financial decision-making at times of life crisis may be impacted by emotional and psychological factors."

"Even in the best of times, if money is involved, there are certain cognitive and emotional factors that can lead to decisions that are not in our best interests," said Warren Cormier, founder and President of Boston Research Group, and co-founder of the Behavioral Finance Forum, who consulted with AARP Financial I
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SOURCE AARP Financial Inc.
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