For Widows: 3 Life-Changing Financial Resolutions

Widowhood is one of the highest financial risk factors women face, and as such, you might consider making at least one New Year’s resolution for 2022 about improving your finances. This could be the year that you take charge of your finances and put good money habits into place. These kinds of financial resolutions can bring you peace of mind, comfort and, most of all, put you on the path to long-term financial security.

Why is money management more critical for widows?

Widows have a much higher risk of falling into poverty, because their income drops significantly after their spouse dies. The monthly ranges from 33% to 50%, compared to the couple’s combined benefit, according to . The income drop is even greater if the spouse’s pension plan through work is reduced