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Brits spend more time thinking about divorce than retirement

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Written by: Paloma Kubiak
28/09/2016
Retirement should require careful planning but research shows we spend longer deciding whether to get divorced than when to stop working.

The survey on the financial preparation Brits put into major life moments reveals we now spend as much time planning our wedding as having children (10 months).

And we put more thought into tying the knot than paying into a pension (eight months), moving out of home (seven months) or moving to a new location (six months).

The data from Skipton Building Society shows we should spend 20 months actively planning for retirement, but we actually spend 13 months doing so, less time than the 15 months deciding whether to get divorced.

On average, women spend more time planning, preparing financially and making big decisions than men.

Women spend nine months actively planning to buy their own home, compared to six months for men, and they actively plan divorce for nearly a year, compared to nine months for men.

Financial regrets

One third of Brits said they feel financially unprepared for the decisions they’ll have to make in the future, either because they’re not saving enough or because they think it’s too late. Three in five people (60%) said not saving enough is their biggest financial regret.

The research also found that a significant number of people may underestimate the impact of making certain financial decisions.

More than two in five (41%) of those who have not taken financial advice believe that in doing so, it would have no impact at all on their lives, and worryingly, over a third (36%) said the same about saving into a pension.

Jacqui Bateson, senior propositions manager at Skipton Building Society, said: “Preparing for your life ahead is an important decision in itself but it’s not always clear where to turn or which approach to take, especially when it comes to financial planning. Everyone is different so it’s a case of identifying where your priorities lie, and looking for the support that will best suit your needs.”

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