“My mother had a great deal of trouble with me, but I think she enjoyed it.” – Mark Twain.
Forgetting Mother’s Day is not recommended. I’ve never been able to work out when Mother’s day will appear in the calendar. So here it is. It is on the fourth Sunday of Lent, exactly three weeks before Easter Sunday. Simples! This year it falls on 30th March.
Increasingly, however, mothers and grandmothers are taking on a more unwanted family role, one they are unlikely to enjoy, that of Chief Financial Officer. Have you noticed how many cafés, garden centres and other eateries are frequented by groups of retired women, many of them widows. The average age of widowhood in the UK is 73.
Often these women relied on husbands who typically managed the finances. So, having the responsibility for financial decision-making thrust upon them was not the type of financial independence they had hoped for. It may be unlikely they have ever been part of a meeting with a financial planner. Yet a Financial Times article in 2022 foresaw that by 2025 females would hold as much as 60% of UK wealth, some having inherited it from their deceased spouses. These women find themselves responsible for significant financial assets and face complex financial decisions. They may need help, guidance and support.
Our preference is to have both partners attend all meetings (where possible). Everyone needs to be aware of their financial position, options and opportunities, to ask questions and challenge what is being done on their behalf. How else can they both make informed decisions. Clients tell us that being included, and being heard generates trust and builds their confidence. Their financial planner needs to understand their situation in detail, both financial and non-financial in order to support them the way they want to be supported. This becomes all the more important if they are now attending meetings without their partners. Many widows find new advisers as they feel they were not listened to or engaged by their husband’s adviser.
We want all our clients and family members to be confident that they can continue to enjoy financial security for as long as they need it. It’s entirely possible you know of others who have struggled with managing family finances after losing a partner. We have experience in supporting people who have gone through loss and struggled to take on the weight of financial responsibility. We never underestimate the challenges this can bring to a family. Relationships especially are often tested. Having someone you know and whose experience you can rely on in your corner can go some way to relieve much of the stress and anxiety making difficult decisions can create. After all, it’s what we do.