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24 February 2014

One in seven put off divorce or separation because of financial worries

A new study, as reported in This is Money, suggests that:

  • A quarter of women will be reliant on their partner's pension when they retire
  • Just 4% of those with an income above £50,000 have never found love - compared to 17% of those with less than £9,500
  • Men and women are equally likely to get married for financial security

As many as one in seven people who are divorced or separated admit they stayed with their partner for too long due to financial worries, the survey found.

The number rises to one in five for women, the survey by investment management service Nutmeg found.

Meanwhile more than half of women in relationships say they would be concerned about their finances should they split from their partner.

Incredibly a third of women have no retirement savings at all and a quarter will be reliant on their partner’s
retirement pot.

The study comes after figures this week revealed rows about money during the recession triggered a rise in divorces. Money worries, the threat of redundancy and cutting back on life’s luxuries led to more relationships breaking up, figures from the Office for National Statistics suggested.

Divorce rates had been falling in the years since 2004, but as the economy emerged from recession in 2009 there was a surge in couples heading to the courts.

In 2010 the number of marital break-ups rose by 4.9 per cent, before levelling off. In 2011, 117,558 couples decided to go their separate ways and this rose to 118,140 in 2012.

The Office for National Statistics linked the rise to fall-out of the 2008-09 recession.

Read more on this story here.