Over 55s continue to raise divorce rates
Confirming the phenomenon of ‘silver separators’, research from Boring Money has found Brits aged 55 and over are among the fastest growing group of divorcers.
It also shows that women in their late 50s and 60s are less confident managing their post-divorce finances compared to men of the same age. Once divorced, however, women aged 55+ become more likely than the national average to always find time for their finances.
With key decisions to make, from cash flow analysis to Pensions Sharing Orders, over a third (35%) of older women are more likely to turn to friends and family, while 43% will use comparison websites for help.
Holly Mackay, CEO of Boring Money, said, “Although much is made of intergenerational wealth transfer, we see a more immediate shift from men to women, driven largely by increasing divorce rates and women living for longer. Women aged between 55 and 70 are particularly vulnerable and are often confronted with difficult financial decisions they do not feel empowered to make.”
These trends are affecting how both male and female investors engage with the industry. Mackay observes, “Online investment platforms report the impact on customer behaviours, with increasing contact from women in this age bracket who are going it alone and are seeking help and advice’’.