Educating Widows in Personal Financial Planning


Korb, B. R. (2010). Financial planners: Educating widows in personal financial planning. Journal of Financial Counseling and Planning 21 (2), pp. 3-15.

Brief Description:  Financial planners and their widowed clients were interviewed. Research revealed that widows vary by age in terms of their knowledge level and risk tolerance as well as their needs for financial advice and education, with the younger widows were less risk adverse and more financially literate but in need of financial guidance for a longer time span. Because many older widows have relied on men for their financial management, they tend to be less financially knowledgeable than younger ones. They may have little time to add to their wealth, so many fear running out of money. The widows were seeking guidance in managing their cash flow, controlling spending, goal setting and estate planning.

Implications:  Widows reported that they would not be likely to attend a workshop on financial planning or seek advice from a financial planner unless they were referred by someone they trust. It will be important to establish a relationship with a financial planner. The article includes suggestions for content to be included in financial education for widows as well as recommended delivery methods.