Empowering Widows to Become Responsible for Managing Their Finances

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Jun 21, 2023, 09:12 ET

Stacy Francis, Founder Savvy Ladies, Speaking at 2023 International Widows Day Forum

NEW YORK, June 21, 2023 /PRNewswire/ -- Savvy Ladies, a nationally recognized non-profit organization supporting free financial education for women, including a national free financial helpline, is pleased to announce that Stacy Francis, Founder of Savvy Ladies, will be a panelist at the 2023 International Widows Day Forum hosted by the Modern Widows and Global Fund for Widows in Washington, DC on June 23 at the Rayburn House Office Building.

The United Nations observes June 23 as International Widows Day to draw attention to widows' voices and experiences and galvanize the unique support they need.

Widowed women outnumber widowed men by 3:1 in the US. There are approximately 11.2 Million widowed women in the US in 2020 compared to 3.4 million widowed men. As women age, they become more vulnerable to poverty. Women are living longer than men too. Most women over age 65 will outlive their spouse by an average of fifteen years. The poverty rate for women aged 65 and older is roughly 12%. Just over 1 in 10 live in poverty. The poverty rate is much higher for widowed women aged 65 and older, with approximately 51% living on less than $22,000 a year.

"It is often the case that widows bear the sole responsibility of managing their finances for prolonged periods due to marrying at a younger age and having longer life expectancy compared to their partners. As women continue to face unique financial challenges after losing a spouse, it is crucial that we empower them with knowledge and resources to make informed decisions," says Stacy Francis, Founder of Savvy Ladies.

For many women, the road to poverty begins after their spouse dies, when household income generally declines by about 40% due to changes in Social Security benefits, spouse's retirement income, and earnings. Critical financial choices around housing, healthcare, benefits, and insurance must be considered carefully and thought about by women earlier during their lifetime and working years.

Savvy Ladies Free Financial Helpline for all women educates and guides women to learn and make financial decisions to understand their financial picture. Many of the questions submitted by widowed clients ask about asset distribution, debt payment responsibility, social security, living expenses, and home ownership planning. The Savvy Ladies Helpline matches each woman with a pro bono financial professional volunteer for authentic 1:1 conversations, providing honest answers with real solutions.

Interested in becoming a Savvy Ladies Volunteer? Learn more here.

SOURCE Savvy Ladies