Take charge of your financial wellbeing as a single woman

As well as the emotional toll, losing your partner through separation or bereavement may mean suddenly being solely responsible for your finances.

There is no avoiding the difficulty of dealing with the breakdown of a relationship or the death of your partner.

At these times it is vital to look after your wellbeing. Taking control of your money as you transition to life as a single person will help your immediate financial needs and your future financial independence.

Adjusting to a change in income

Knowing where your money comes from and where it goes is important in keeping on top of your new financial situation. If you're not accustomed to managing your income and expenses, ASIC’s Moneysmart says a good place to start is gathering your financial documents together and setting a budget.¹ Key documents you will need include:

  savings and transaction account statements

  bills like electricity, gas, rates, water, mobile and internet

  credit cards bills

  paperwork about your property and any investments

  insurance policies

  tax records

  your superannuation.

Your super

Getting your superannuation sorted after your relationship ends is an important step for your future.

If you separate, super is treated as a type of property and can be divided by agreement or by court order.

If you have lost your partner, it is important to know that super doesn’t automatically form part of their estate, and can’t be included in a will.

 Find out about super beneficiaries

Other considerations

There are a number of steps that can also help you find and access money after losing or separating from your partner. These steps may include:

  Investigating Government payments such as allowances or pensions

  Ensuring you have access to all bank accounts to which you are entitled

  Checking your insurance and superannuation entitlements

  Taking control of your own money and protecting your finances by updating your will, insurance and superannuation beneficiaries

  Finding any other money you may be able to access. ASIC MoneySmart’s tool may help you find unclaimed money. QSuper’s Find my Super tool may help you find lost superannuation by searching for your super with other super funds and the Australian Taxation Office (ATO).

The financial impact of being suddenly single

Of women who divorced, 59% experienced financial hardship as a result, a survey of Australian women shows.² Divorce can be so financially harmful for women that Homelessness Australia identified it as one of the main causes of rising homelessness among Australian women, with single older women the fastest growing group among the country’s homeless.³

Being widowed may contribute significantly to financial stress for women. As well as financial risk, many women who have lost their partner may face the emotional stress of dealing with financials for the first time in a very long time. A recent United States study shows only 14% of widows say they made financial decisions by themselves before their spouse died.⁴

Professional advice

Financial advice may be one of the most beneficial calls you can make to help you take control of decisions you may need to make about any assets or debts, your home, money for looking after children, as well as money for you and your future.

You may want to consider financial advice as well as legal advice if you separate or find yourself suddenly single.

QSuper members have access to financial advice about superannuation and managing your money through QInvest.⁵

1 Australian Securities and Investments Commission, Moneysmart, Life events, Divorce and Separation, accessed 9 February 2019 at www.moneysmart.gov.au
2 RMIT University, Women and Money in Australia: Across the Generation, 2016, accessed 8 February 2019 at www.financialcapability.gov.au
3 Homelessness Australia, Economic Security of Older Women Inquiry, 2017, access 8 February 2019 at www.homelessnessaustralia.org.au
4 Age Wave, Widowhood and Money: Resiliency, Responsibility and Empowerment, February 2018, accessed 8 February 2019 at www.agewave.com
5 QInvest Limited (ABN 35 063 511 580, AFSL 238274) is a separate legal entity responsible for the financial services it provides. When you receive personal advice from QInvest, the QSuper Board may pay for some or all the advice fee for advice related to your QSuper benefit. Eligibility conditions and advice fees may apply. Refer to the Financial Services Guide for more information.