A new study suggests that many female divorcees aged 55 and above could be feeling under pressure to remarry the wrong person due to waning financial circumstances following a previous divorce.
The fears come after one in ten female divorcees in this age group told a recent study that their financial wellbeing was or would be the “primary factor” influencing their decision to remarry – suggesting that financial standing can sometimes even trump love.
The survey, which was carried out by financial services firm Investec, also found that almost a quarter (23 per cent) considered financial wellbeing to be a “significant factor” in remarrying, while almost half (43 per cent) said that it would definitely influence their decision.
Earlier this year, separate research carried out by the International Longevity Centre (ILC) found that the number of people divorcing at age 60 or above was on the rise.
The ILC’s report also argued that divorce was more likely to lead to financial difficulties for women than for men.
It argued that “women who may have been stay at home mums” or “who do not have much by way of long-term savings of their own,” were particularly at risk.
“While rising labour force participation has helped to reduce the financial dependence of women on their spouse, the story is complicated with evidence of a continuing gender divide between men and women in terms of pay, particularly at older ages, and a low proportion of women saving for retirement,” it’s report read.
These findings, coupled with the research carried out by Investec, appear to suggest that some female divorcees may be tempted to marry the wrong person in an attempt to improve their financial standing after a previous divorce – a sure recipe for disaster, which could only-too-easily end in a second relationship breakdown.
MFG Solicitors’ family team can advise on divorce and related financial disputes. Our team are mindful of the need to achieve a fair settlement for all clients, including each client’s long-term income needs such as pensions, to avoid the future financial problems referred to in this report. For more information about how we can help you, please contact us.