Equity ReleaseJan 23 2019

Money worries causing friction among older couples

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Money worries causing friction among older couples

Money and DIY are the top two reasons older couples in long-term relationships argue, research from SunLife has shown.

In a survey of 1,000 people aged between 50 and 80, conducted in October 2018, SunLife asked those who have lived with their partner for more than 20 years what caused the most friction in their relationship.

One in six said DIY and home improvements were the main reason they argued, while one in seven named money as the biggest cause of tension.

Overall, men cited money as the biggest issue, while home improvements came top for women.

Other top ten reasons why older couples argue include cleaning, taking up too much room in bed, laziness, children and the in-laws.

What to watch on TV was the fourth biggest cause of squabbles for women. Dirty laundry, who has the harder job and losing keys were also sore points, while for men, none of those were in the top ten.

Only 13 per cent of the couples said they did not argue at all.

Simon Stanney, non-life products director at SunLife, said: "One in five over 55s say they are worse off than they expected to be at this stage in their lives, rising to a quarter of 55 to 59s, so if money is tight, it can cause arguments.

"DIY and home improvements take time and cost money so it is perhaps no wonder this is a cause of friction.

"When you consider that on average people over 55 have lived in their homes for 24 years, it is likely many of these properties are in need of a bit of improvement."

Mr Stanney said this was a generation that was generally property rich and cash poor due to a healthy increase in the value of their homes, but warned inflation iwa eating away at pension pots and causing increased living costs.

He said: "Our research reveals that 62 per cent of over 55s categorically did not want to downsize, which means a solution for many could be to unlock some of the value in their homes via equity release.

"This could ease their money problems and maybe even pay for those home improvements that are causing so many arguments."

Tracey Lucas, director at Just Mortgage Brokers, said equity release could help to free up capital and take the stress out of some situations.

She said: "Of course, equity release won’t save a bad marriage, but for people in later life who still have debts and a mortgage, it can ease the burden.

"I would say most of my clients are too well mannered to say whether they have these tensions in the relationship, although I have had to leave the room on some occasions due to heated debates between couples."

Dippy Singh is a freelance reporter for FTAdviser