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Marital status affects financial satisfaction in retirement

A recent global survey has found that in the over-50 age group, respondents reported higher levels of dissatisfaction with their finances if they were divorced or separated, compared to those who were widowed.

The report, which is part of a collaboration of the Personal Finance Research Centre and think tank ILC-UK, highlights that despite high levels of happiness (79%) and financial satisfaction (55%) among over 50’s internationally, people who were single, divorced or separated were consistently less fulfilled on both counts.

“This research highlights that living together is good for us in old age,” commented David Sinclair, Assistant Director, Policy and Communications at ILC-UK. “Yet in the UK and across many other countries we are witnessing a loneliness epidemic, as divorce and/or death or a partner results in too many people living without companionship."

“Older people in the UK must have greater access to a range of housing options to reduce the risk of them living alone with no support. And our communities must better support older people living alone. The UK Government must develop a widowhood strategy to ensure targeted support for some of the most isolated and vulnerable in our society,” he added.

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