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November 15, 2011 at 09:00 AM
The untimely death of a spouse/partner places a huge financial burden on most families, but financial advisors can play an invaluable role in helping parents find their financial footing, according to a nationwide survey.
The New York Life Foundation, New York, published this finding from a poll of 548 parents who lost a spouse/partner and who still had children under the age of 19 living at home. The online poll was conducted between July and October 5 by the national polling firm Mathew Greenwald & Associates, Inc.
The research was conducted under the auspices of the National Alliance for Grieving Children, an organization of bereavement centers. The research was underwritten by a grant from the New York Life Foundation.
Nearly six of 10 (58%) bereaved parents agree that “losing my spouse has significantly impacted our standard of living.” And half are “not prepared” for the financial impact of losing their spouse/partner, the survey finds.
Grief’s impact is both lasting and profound, the survey indicates.
Nine of 10 parents say the death of their spouse/partner is “the worst thing that has ever happened” to them. Nearly eight of 10 say they think about their deceased spouse/partner every day. And 70% indicate they would “give up a year of my life for one more day with my departed spouse.”
“Clients who have lost a spouse can be overcome by raw emotion, but talking about the death of a loved one can be healing and therapeutic,” said Larry Bennett, a New York Life agent based in Brea, Calif. “It’s an important and necessary conversation to have.”
