The Consumer Financial Protection Bureau published a data spotlight that highlights the financial challenges that recently widowed older adults face.
Using data from the 2019 American Community Survey, the CFPB says more than 1.2 million adults aged 60 and older lost a spouse in 2019 and that a significant portion of these people faced higher poverty rates, greater housing cost burdens, and other critical financial challenges. Learn more at ConsumerFinance.gov.
From the CFPB:
Financial workbook for surviving spouses: Figuring out how to manage your finances, on top of the grief of losing a spouse may feel overwhelming. This step-by-step guide is designed to help you do the most important and pressing things first.
Consumer guide, When a loved one dies and debt collectors come calling: It’s quite common for newly widowed older adults to face debt collection while they are still grieving. Read CFPB’s new consumer guide or learn about your debt collection rights as a survivor on Ask CFPB.
Submit a complaint: If you are having trouble with a financial product or service and have already tried reaching out to the company and still have an issue, you can submit a complaint. Tell us about your issue—we’ll forward it to the company and work to get you a response, generally within 15 days.