Families Struggle with Life Crises & Money

According to an AARP Financial survey, nearly 60% of Americans age 40 to 79 have experienced a life crisis such as job loss, divorce, death of a spouse or major illness or disability. Women are significantly more likely than men to be affected both financially and emotionally.

More than half (57%) of the 1200 adults surveyed said they had already experienced a major life crisis such as job loss, divorce, death of a spouse, or serious illness or disability of an immediate family member or themselves, and in the vast majority of cases, the event had a significant impact on their finances.

“The most important financial decisions we face are often precipitated by life crises,” said Richard “Mac” Hisey, President of AARP Financial Inc., a taxable subsidiary of AARP. “But given the unpredictable nature of these events, these are often times when we may be distracted, emotionally overwrought and vulnerable. As a result, many of us may make poor decisions — or take no action at all — possibly putting our financial security at risk.

(photo credit: Newscom)