Originally published at stories.td.com. Dr. Nasreen Khatri is an award-winning registered clinical psychologist, gerontologist and neuroscientist. TD Bank ranked No. 14 on The Fair360, formerly DiversityInc Top 50 Companies for Diversity list in 2021.
When it comes to financial health, the sad reality is that single women are largely ignored by society.
Studies have shown that most women will be the sole financial decision-makers in their household at some point due to personal preference, divorce or the death of a spouse.
The fact is that most women will be financially single either by choice or circumstance for at least part of their lives — yet the financial health of the ‘single’ woman isn’t something we hear much about from financial institutions or society at large.
All too often, when we talk about women and financial health, it’s tied to events more commonly associated with women in relationships: Moments like getting married, starting a family or saving for a child’s education. As a society, we don’t foster conversations about women becoming independent financial agents for the long haul.
To be clear, I am not a financial expert. I am a clinical psychologist and neuroscientist with more than 15 years of experience in studying women’s brain health, and I find the lack of conversation and awareness around single women and money management deeply troubling.
Why?
Because financial health is strongly linked to mental health. If you’re worried or stressed about money, have no financial plan or aren’t sure if your financial needs will be met, your mental health will be negatively affected.
If we are to empower single women — unmarried, divorced or widowed — regarding mental health, that includes facilitating their financial health and confidence.
The link between financial stress and mental health in single women
Research shows that there is a strong link between financial stress and mental health problems. Since women are already overrepresented in diagnoses of depression and anxiety compared to their male counterparts, the need for better financial services is key for female mental health.
Moreover, better financial education for women is key.
Women have been disproportionately affected economically by the COVID-19 pandemic because they are more likely to work in industries that have been hardest hit — including the service and hospitality industries — or because they have quit or stepped back from work to provide child or elder care.
I see these pressures magnified in mid-life women, when both financial and role demands peak for many people.
Beyond mid-life, financial stressors may be amplified for single women. Trying to save for a personal milestone such as retirement is difficult enough in a dual-income household and can be much harder for women who are single, divorced or widowed.
The Unique Financial Stresses of Widowed Women
Research has shown that women may see money differently than men. Studies show that women are more likely to use money in an instrumental way (e.g., a child’s education, philanthropy, retirement) as opposed to accruing money for its own sake, compared to men.
Women are also still raised not to talk about money, or to view personal finance as a taboo t