Older women fare better financially after divorce than men

On Behalf of | Mar 9, 2017 | Divorce

Going through a divorce in Mount Holly can be difficult to deal with at any age. However, for some people who are at or close to retirement age, a divorce can throw their financial lives into chaos and how they cope with that can affect their quality of life.

According to one study, women who divorce at a later age are doing a better job of dealing with their finances than their male peers, reports Investment News. Not only were women more likely to seek out financial advice, they were also found to be twice as likely to bulk up their savings. 42.3 percent of women were found to change the way they spend money compared to only 11.7 percent of men. Older women were also two times more likely to search for employment to bolster their income.

According to MarketWatch, the number of women 65 and older who are working has rose more than 6 percent between 1996 and 2015. Since the number of divorced women over 65 who live in poverty clocks in at 20 percent, this shows that some women may be thinking hard about ways they can avoid ending up in that situation. Common occupations for women over 55 include nursing, teaching and secretarial work.

Another way for older women who have gone through a divorce to live frugally is to live with roommates. Many point to the television show “The Golden Girls” as a positive example of older women who not only lived together to save money but also continued to work past retirement age.