Are you prepared to handle a job loss, divorce, serious illness, death of a spouse? A recent survey by AARP shows that most adults have already experienced one of these significant life events, and that it had a major impact on their finances.
The survey of 1,200 adults age 40-79 shows that women tend to feel the sting of these crises more acutely than men:
- 65% of women were significantly more likely to have experienced one of these life-changing events vs. 49% of men.
- 66% who experienced long-term job loss said it had a very significant impact on their finances vs. 49% of men.
- 46% said death of a spouse had a major impact on their finances vs. 17% of men.
- 54% of women vs. 32% of men said their emotional health suffered from job loss.
Overall, more than half (57%) of the 1,200 adults surveyed said they had already experienced a major life crisis such as a job loss (18 percent), divorce (29 percent), death of a spouse or life partner (10 percent), a serious illness or long-term disability (24 percent), or the illness or disability of a child (7 percent), AARP Financial Inc. and Boston Research Group found.
- Of those who experienced long-term job loss, 6 in 10 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.
- More than 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.
- More than half (51%) of those who had experienced job loss said they were at least somewhat unprepared to deal with the financial consequences, as were 44% who experienced the very serious illness or disability of a child; 42% who experienced the very serious illness or disability of a spouse; 35% who had experienced divorce; and 27% who had lost a spouse or life partner.
Getting help from AARP:
AARPâ€™s online resource www.aarpfinancial.com/lifecrisis — offers steps to consider before, during and after experiencing a crisis.
Also, check out my columns for advice and tips on planning: