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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

id the same of a spouse or life partner's serious illness/long term disability.

"It's well known that the vast majority of women will be solely responsible for their finances one day," Hisey said. "Too often, women are assuming that responsibility at a time of tremendous personal duress."

Turning to Family and Friends for Financial Advice May Not Be Best Option

Asked where they turn to for help managing the financial implications of a life crisis, immediate family was the number one response, followed by friends or colleagues. The problem is that while family and friends may provide emotional support, they are not necessarily qualified to give financial advice. As evidence of this, 45% of those who had experienced a life crisis said it was hard to trust the financial information/guidance they were receiving.

On the other hand, while we rarely seek professional financial advice in times of life crises, those who did felt generally well served. Of respondents who sought professional advice in times of life crisis, 66% said they had a "very positive experience," and another 24% said they had a "somewhat positive experience."

"For the sake of the entire family, it's critical that the financial aspects of a life crisis be handled on a thoughtful and timely basis," Hisey said. "The death or serious illness or disability of a parent may have as much impact on the finances of an adult child as it has on the parent. We all know grown children who have had to dip into their own retirement savings to financially support a parent. Timely, expert advice can frequently make a real difference."

Creating Some Calm before the Storm-- Financial Preparation

Many Americans who have experienced a life crisis felt unprepared to manage the financial consequences. More than half (51%) of those who had experienced job loss said they were at least somewhat unprep
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SOURCE AARP Financial Inc.
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