Who is ‘swoofties’ and why do they need help with personal financial planning?
‘Swoat’ is a new title given to the increasing number of ‘single women more than fifty’ who realizes that they want more than life and embrace the opportunity to meet new people, learn new skills, enjoy exotic holidays and generally achieve their goals will never dream when they get married.
Women in this age group are usually far more independent and willing to step out of their comfort zone than their mother’s generation. This is mainly because many of us have worked and built ourselves in a career than in previous years. We also expect more from life and post for years now, moving from the period being turned off to the time of personal exploration, opportunities and new beginnings.
Statistics in single women more than fifty
According to the National Statistics Office in the UK there were 602,200 single women more than fifty of 2007; The 31,700 increase over the past decade and the number increased. There are currently more divorce, widows and rough than women who are married in England and Wales. Statistics also showed that while the overall divorce rate fell 16 percent to 130,000 a year, divorce between the fifties had soared.
The impact of divorce and widows on personal financial planning for women more than fifty
However, a study conducted by the Ministry of Work and retirement highlighted that these women suddenly had to deal with financial affairs and documents treated by their husbands as they married. It was found that 33 percent of women more than fifty knew little or not at all about state pensions, 26 percent had not made financial plans for their retirement, 19 percent had never opened a bank account, 16 percent never resolved back taxes and 13 percent had to deal with The problem of money they have never handled before.
Finding yourself alone after years of marriage is a scary experience especially when it comes to financial problems. Many of us feel overwhelmed by additional responsibility because they have to pay bills, following various mortgage offers and planning our retirement.
But plan and learn how to budget we must, women if we want to develop and not only survive for a period of time that can now reach thirty or forty years. While many of us sweat might deal with our own financial affairs for the first time in years and this can feel scary, know that you really are not alone. There are many suggestions and support out there and you can always find coaches to help you. You will feel much more confident in controlling your financial fate and your money will be further away too!