Family Law Inverness Latest News

Couples are risking their financial futures by hiding savings, investments, debts and even income from one another, according to new research from Prudential.

The survey analysing attitudes to money and retirement planning among couples aged over 40 found that more than one in five (22%) people in a relationship put the couple’s comfortable retirement at risk by keeping debts, worth an average of £7,800, concealed from their other halves.

When asked how these hidden debts arose, just under half (48%) of respondents said that they had borrowed to cover every day living costs, while a third (34%) ran up debts through overspending due to an emotional event such as the break-up of a previous relationship. A further 16% had borrowed money to make payments to an ex-partner, for example for child support.

The job environment in America has changed dramatically over recent years, and it can be very hard for workers without a college degree to find a stable full-time job with good benefits. This lack of stability and security has had an impact on family structure amongst working-class Americans, according to a new study.

Researchers at the University of Virginia and Harvard University found that working-class Americans are now less likely to get married or have children within marriage than people with college degrees, and those that do get married are more likely to end up separated or divorced.

“Working-class people with insecure work and few resources, little stability and no ability to plan for a foreseeable future become concerned with their own survival and often become unable to imagine being able to provide materially and emotionally for others,” said Sarah Corse, an associate professor of sociology in U.Va.’s College of Arts & Sciences and the study’s lead author. “Insecure work changes peoples’ non-work lives.”

Recent figures released by the Office for National Statistics have revealed that although the overall divorce rate in England and Wales has been falling since the mid-1990s, there has been a steady increase in the number of over-60s who are choosing to get divorced.

Responding to these figures, relationship support charity Relate’s Chief Executive, Ruth Sutherland, said, “It is clear from today’s statistics that there are many pressures facing couples as they grow older. Relationships are often missing in the current debate on our ageing society but 83% of people we surveyed aged over 50 told us that strong personal relationships were the most important factor to a happy later life. This data shows once again that this is a very real issue for many older people.

“Relate is continuing to call for a Minister of State for Ageing Society and for people to think about the importance of relationships at all stages of life. This would help to drive a consistent strategy in central and local government, putting healthy relationships at the heart of a achieving a good quality life as we get older, alongside health and financial security.”