Are you a recently widowed woman? 5 practical and compassionate ways a financial planner can support you

Unfortunately, women are more likely to experience widowhood than men. According to the Office for National Statistics’ most recent data (ONS; 22 February 2023), there are approximately 2.2 million widowed women in the UK compared to 720,000 widowed men.

In addition to the grief and loss that losing a spouse or civil partner brings, recently widowed women often face unique financial challenges. An academic study by Jialu L. Streeter, published on ScienceDirect (October 2020), found that women experience a 22% income reduction and a 10% wealth loss in the first two years after losing a spouse.

These new financial realities could cause stress and anxiety at an already emotionally difficult time. That’s why finding the right support is crucial.

International Widows’ Day – which aims to raise awareness of the issues facing widows around the world and explore ways to help them – is approaching on 23 June. So, now is a timely moment to highlight five of the valuable practical and emotional ways a financial planner can help recently bereaved women rebuild their financial stability and wellbeing.

1. Managing immediate financial matters

In the early, raw stages of bereavement, a financial planner can offer calm and patient guidance that stabilises chaos and prevents potentially costly oversights.

They can help you manage immediate money matters such as:

• Getting your financial documents in order and notifying relevant organisations
• Identifying funds you can access quickly, such as pre-paid funeral plans
• Ensuring you have sufficient cash flow for short-term needs
• Claiming pension entitlements and updating nominations
• Applying for any government support you’re entitled to
• Understanding your income and creating a budget
• Submitting life insurance claims.

A financial planner can also triage these financial responsibilities, helping you to prioritise and take one task at a time, reducing feelings of overwhelm.

2. Understanding your Inheritance Tax liabilities

Inheritance Tax (IHT) rules and liabilities may seem complicated and daunting, especially to someone who’s experiencing the shock of a recent bereavement.

A financial planner can explain how IHT works and what it means for you in simple, jargon-free language. They can also advise you on available exemptions that could reduce a potential bill.

Gaining this understanding early on is crucial because payment of IHT is usually due within six months of death. After this, HMRC will start charging interest on the outstanding balance daily. According to the government website (23 December 2025), as of 9 January 2026, the late payment interest rate is 7.75%.

3. Improving your financial knowledge and skills

This might be the first time for many years that you’ve been solely responsible for managing your finances. Moreover, grief might diminish your confidence, making it harder for you to make key decisions.

By seeking professional financial advice, you’ll have access to tailored education and coaching, which could help turn feelings of overwhelm into control.

A financial planner can identify gaps in your understanding and help you build relevant knowledge and skills gradually.

They can also protect you from risks such as fraud by increasing your awareness of scams and helping you learn to spot red flags, such as unsolicited “pension release” calls.

4. Adjusting your long-term financial plan

Widowhood may change your financial circumstances and your long-term goals. As such, it’s important to review and adjust your financial roadmap to ensure it aligns with your new reality.

A financial planner can use advanced cashflow modelling software to give you a clear visual picture of your new financial future. They can stress-test various what-if? scenarios to help you explore different possibilities and clarify what matters most to you.

As part of this process, your financial planner will help you review and update key aspects of your long-term roadmap, making sure nothing slips through the net. This might include:

• Checking your State Pension forecast
• Updating your retirement goals and plans
• Optimising pensions for sustainable income
• Amending important documents such as your will and Lasting Powers of Attorney.

5. Keeping your finances tax-efficient

You might previously have planned your finances as a couple, for example, structuring your wealth to make use of two sets of tax allowances and planning jointly for IHT.

After bereavement, you’ll likely need to rethink your approach to keep your finances as tax-efficient as possible. A financial planner can advise you on appropriate strategies, such as:

• Making full use of available tax allowances
• Restructuring investments for a single income
• Managing IHT exposure (as mentioned previously)
• Considering the tax implications of selling your home to downsize
• Avoiding unintentional tax traps, such as withdrawing pensions inefficiently
• Reviewing your pension income strategy to account for inherited pension benefits
• Using additional ISA allowances that are available to a surviving spouse or civil partner.

Of course, a financial planner isn’t just there to help you immediately after your loss; they’ll provide the ongoing support and guidance you need to feel confident managing your wealth for years to come.

Get in touch

If you’re a recently widowed woman, I can alleviate some of the stress and overwhelm you might feel about managing your finances.

To learn more about the support I offer, please get in touch by email at lottie@truefinancialdesign.co.uk or call 03300 889138.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate cashflow planning, tax planning, trusts, Lasting Powers of Attorney, or will writing.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

An ISA is a medium to long term investment, which aims to increase the value of the money you invest for growth or income or both. The value of your investments and any income from them can fall as well as rise. You may not get back the amount you invested.

A pension is a long term investment the fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts. 

Approved by 2plan wealth management Ltd on 1/5/2026