Planning Personal Finances – Why ‘Swofties’ Need to Learn How to Budget
Who are ‘Swofties’ and why do they need help with planning personal finances?
‘Swofties’ is a new title being given to the increasing number of ‘Single Women Over Fifty’ who realise they want more out of life and are embracing the opportunity to meet new people, learn new skills, enjoy exotic holidays and generally achieving goals they would never have dreamt of when they were married.
Women in this age group are typically far more independent and willing to step outside their comfort zone than their mothers’ generation. This is primarily because many of us have been working and establishing ourselves in careers than in previous years. We also expect more from later life and post work years now, moving away from a period of shutting down to a time of personal exploration, opportunity and new beginnings.
Statistics on Single Women over Fifty
According to the Office of National Statistics in the UK there were 602,200 single women over fifty in 2007; a rise of 31,700 over the past decade and the number is rising. Today there are more divorcees, widows and spinsters than married women in England and Wales. Statistics also show that while the overall divorce rate fell by 16 per cent to 130,000 a year, divorce among the over fifties has soared.
The Impact of Divorce and Widowhood on Planning Personal Finances for Women over Fifty
However, a study undertaken by the Department of Work and Pensions highlighted that these women suddenly have to deal with the financial affairs and paperwork that their husbands took care of while they were married. It found that 33 per cent of women over fifty knew little or nothing about the state pension, 26 per cent have not made a financial plan for their retirement, 19 per cent have never opened a bank account, 16 per cent have never completed a tax return and 13 per cent have to deal with money issues they have never tackled before.
Finding yourself alone after many years of marriage is a scary experience especially when it comes to financial matters. Many of us feel overwhelmed by the added responsibility of having to pay bills, keep up with the various mortgage deals as well as planning our retirement.
But plan and learn how to budget we must, ladies if we want to thrive and not just survive for a period which can now span thirty or forty years. While many of us SWOFTIES might be dealing with our own financial affairs for the first time in many years and this can feel daunting, know that you are really not alone. There is a wealth of advice and support out there and you can always find a coach to help you. You will feel so much more confident being in control of your financial destiny and your money will go further too!
Would you like help to overcome the challenges you face by becoming single again in later life? Go to http://www.newmooncoaching.co.uk to receive a FREE guide to Kick Starting Life after Fifty and find out how coaching could help you feel more positive, confident and resourceful to overcome the challenges you face. Chris Moon-Willems is a Life Coach, Retirement Success Coach, Master NLP Practitioner and Social Work professional, who specializes in helping women over fifty who have been through divorce, bereavement or relationship break down, to plan the second half of their life.For hints and tips visit her blog, Moonbeams at http://www.chrismoonwillems.com.
Author: Chris Moon-Willems
Article Source: EzineArticles.com
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