Forget the children, couples are staying together for the sake of their wallets…
Happy Valentine’s Day! What better day to cheer everyone up than to reveal new research that shows up to 20% of people stayed unhappily coupled for too long owing to financial worries, with women seven times more likely than men to stay with their partner for too long.
New research from investment management service, Nutmeg reveals that one in seven (14%) people who are divorced or separated admitted they stayed in a marriage because of uncertainty around their financial situation, rising to one in five women. Surviving financially after a break-up is a worry for 52% of women currently in relationships who say they would be concerned about supporting themselves financially should they split from their partner.
Women are also more likely to be left worse off after a breakup. Half of divorced or separated women (51%) say they faced a drop in their disposable income, which is almost double the 24% of men.
Staying together for the money is also supported by recent ONS figures reporting a 3% decrease in the number of post-recession divorces. ONS statistics also highlight the potential cost of a break-up, with single parent families each spending £17,316 a year (£333 a week) compared to households with two parents spending £30,108 a year (£579 a week).
And perhaps some couples are staying together for the pension. Over a quarter of women (26%) said they are reliant on their partner’s retirement savings, in comparison with 18% of men. One third of women (33%) in a relationship have absolutely nothing put away for retirement. Unsurprisingly, therefore, men are more worried about the impact of divorce on their pension savings, with double the amount (42%) citing this as a break-up consideration.
Maybe romance is just another victim of the financial crisis.