“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.