Taking charge
How one woman took the reins on her financial future after the loss of a spouse
“Get involved. Knowledge is power.”
“Get involved. Knowledge is power.”
That’s the advice that business executive and UBS client Marilyn Skony Stamm has for any woman contemplating her financial future after the death of a spouse.
Recently widowed herself, Skony Stamm recalled grieving the loss of her husband while also navigating the challenges of overseeing his estate, managing her finances and steering her family-owned company forward in order for her to lead effectively.
“What was critically important to me was having the proper support network across all of those various categories,” she said. This included family and friends for emotional support and a team of skilled advisors to help her through that difficult period.
Skony Stamm’s situation is hardly unique. Eight out of 10 women will be alone at the end of their lives and in charge of managing their finances for an average of a decade or longer, according to U.S. Census Data from 2017 and the nonprofit WISER1. And new UBS research2 finds that nine in 10 widows stated they wished they had developed a long-term financial plan when they were married.
“They shouldn’t think they are going to be fine,” Skony Stamm said. “They should make sure they understand the finances of the family—whether it’s what they’re going to be left with, who’s going to fund the kids’ education, whatever the financial considerations are.”
Yet, once these divorcees and widows began taking the helm of their financial lives, 87% of them said they felt good about themselves, according to UBS research.2
Are you doing all you can to protect and grow your family’s wealth for years to come? Together we can find an answer. Connect with your UBS Financial Advisor or find one.
Disclosures
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