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Rise in later-life divorce forces over-50s to take financial control
September 23, 2011
Many over-50s are learning how to manage their finances for the first time after breaking up with long-term partners, research shows.
There has been an increase in divorces among over-50s in England and Wales, forcing many people to take control of their personal finances for the first time in years.
Research from Tesco Bank suggests that many middle-aged men and women are learning to be financially independent after years of doing things as a couple.
Just 26 per cent of female respondents to the Tesco research said they had taken responsibility for large financial decisions during their marriage and 25 per cent admitted they had never considered savings options before their divorce.
George Gordon, head of communications at Tesco Bank, said the research had revealed some of the financial pressures faced by customers, many of whom had "limited financial independence in the past".
"What is clear from this research is that whilst divorce is clearly a difficult and traumatic experience at any age, for the over-50s, overcoming the financial challenges it presents can ultimately help restore confidence and independence," he revealed.
However, younger women seem to be determined to hold on to their financial independence, with recent research by Friends Life suggesting that nearly half of single women are more likely to accept a marriage proposal than agree to a joint bank account with their partner.
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