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Guide to financial advice for later-life marriage

  • To understand the financial drivers behind later life marriage.
  • To be able to explain the financial advantages and disadvantages of marrying later in life.
  • To ascertain ways to help clients with complex inheritance issues.
CPD
Approx.60min
Guide to financial advice for later-life marriage

Introduction

Marriages are on the decline in England and Wales, according to data from the Office for National Statistics (ONS). 

But while younger generations eschew traditional ties, there is one generation that is bucking this trend: Baby Boomers. Statistics show there is a rise in marriages among the older generation, those aged 60 and above. 

This can sometimes be a first marriage, but more often than not, it is a second or even a third marriage. But why are so many people choosing to marry later on in life? 

Finance, according to financial experts quoted in this guide, is one of the prevailing reasons driving more people to consider tying the knot later on in life.

Women, especially, whose pension and other accumulated assets are far lower than their male counterparts' pension pots, are more likely to seek marriage to help underpin their financial stability later on in life. 

But while this might seem a reasonable solution, there are many things to consider: what of inheritance? What are the tax implications? What sort of protections should be put in place and how can advisers help navigate the often tricky intra-family dynamics that second and third marriages can bring?

This guide covers the reasons why more people are marrying later on in life, what the advantages and disadvantages are, as well as certain things to encourage clients to consider when it comes to estate planning and inheritance.

The guide qualifies for an indicative 60 minutes' worth of CPD.

Contributors to this guide: Keith Richards, chief executive of the Personal Finance Society; Charlene Coulbeck, senior paraplanner for Informed Financial Planning; Helen Medhurst-Jackson, financial planning director for Investec Wealth & Investment; Jane Finnerty, joint chairperson of the Society of Later Life Advisers; Nicola Haines, vital statistics outputs branch, Office for National Statistics; Resolution; Office for National Statistics. 

Simoney Kyriakou is deputy editor of Financial Adviser 

In this guide

CPD
Approx.60min

Please answer the six multiple choice questions below in order to bank your CPD. Multiple attempts are available until all questions are correctly answered.

  1. Mr Richards says the rise in people over 65 getting married is statistically reflective of what?

  2. What alone does not guarantee a successful marriage, according to Ms Medhurst-Jackson?

  3. More women seek to marry for what, according to Ms Medhurst-Jackson?

  4. What will be "critical" in changing the gender pay and pension gap, according to Ms Coulbeck?

  5. What can marrying provide couples that singletons just cannot get, says Mr Richards?

  6. What does Ms Finnerty say is "essential" for navigating complex relationships?

Nearly There…

You have successfully answered all the questions correctly, well done!

You should now know…

  • To understand the financial drivers behind later life marriage.
  • To be able to explain the financial advantages and disadvantages of marrying later in life.
  • To ascertain ways to help clients with complex inheritance issues.

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