Helping divorcing couples find financial fairness in retirement
Later life divorce has risen by 64% since 1990 and shows no signs of slowing down. In fact, now one in four divorces occur after the age of 50. Recent lockdowns and social restrictions have had an undeniable impact upon the divorce rate too. At one point in 2020, divorce enquiries were 122% higher compared to the year before.
Divorce can have a huge effect on a couple’s finances, especially as they approach retirement. It’s a critical time for advisers to support clients with good financial planning and sensitive advice to help them minimise financial risk and reach a fresh start.
We know divorce can be a tricky subject to tackle, so we’ve put together some helpful articles and useful resources to support your client conversations.
Researchers at the Manchester Institute for Collaborative Research on Ageing and Manchester Sociology have created a video explaining the best approach to take to make sure any settlement is fair and just.
Google search volumes for "divorce" are 20% higher than 2019
After lockdown in 2020, divorce enquiries rose by 122%
On average, divorced women retire with £77,400 less than men
Divorced women tend to retire with just £26,100 - compared to £103,500 for men
Value of advice
While 61% of people aged 50+ consulted a solicitor during a divorce...
Only 3% sought financial advice, despite 32% of divorcees saying they would seek advice in the future