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Surviving spouses often face 'significant financial changes,' study says

Nearly 70 percent of widows said they were

Nearly 70 percent of widows said they were coping with "significant financial changes" in the first year after their husband died, according to a new survey from New York Life Insurance Co. Photo Credit: iStock

After a spouse dies, life goes on for the surviving husband or wife, but many older adults are not prepared for the financial stress that often occurs. Women feel the financial strain more than men.

Nearly 70 percent of widows said they were coping with "significant financial changes" in the first year after their husband died, according to a new survey from New York Life Insurance Co. About half of recent widowers said they were adjusting to financial changes in the year after their wife died.

Most widows and widowers said they had felt secure about their financial situation before their spouse died, but upon looking back wished they had saved more or had more life insurance.

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