Worthy is proud to announce the recent release of our Divorce Financial Study in July 2018! The results are based on our Wealth Warriors survey, conducted in April 2018, and was written in collaboration with Laurie Itkin, CDFA, and the ADFP. The survey was the first of its kind in that it was a large-scale study which focused specifically on women’s finances throughout the divorce process. We were thrilled that the survey reached over 1,700 participants across the US.
About the Study
The aim of the study was to understand the journey women face after divorce in reaching financial independence. To gain further insights, the study examined the age range of the women, their stage in the divorce journey and how their approach to household finances and career changed from before to after their divorce. Finally, the study explored to what extent women see their ring as a financial asset and how this can help them on the path to financial independence.
In general, the study found that many women find themselves in a financially vulnerable position post divorce due to a lack of financial knowledge (the financial literacy gap) and a lack of long-term financial planning.
The study found that the solution to this is twofold: women must turn divorce into an opportunity to reinvent their careers in order to become self-sufficient and they must focus their efforts on investing to avoid outliving their money. A good way to create this ever-necessary financial nest egg is to see their engagement rings as financial assets that can be used to generate seed money.
For a full breakdown of the results of our study, we invite you to read our white paper “Building a Financial Fresh Start: A Financial Study on Divorced Women”.
Worthy is committed to changing the conversation surrounding divorce and empowering women to embrace their fresh start. With more and more women seeing the importance of financial knowledge and reaching financial independence, our outlook is getting better every day!