PensionsAug 16 2018

More women marrying in later life for financial stability

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      More women marrying in later life for financial stability

      Pensions inequality and a historic, yet persistent, gender pay gap has pushed many women aged 65 and above into later-life marriage, studies have shown.

      Data from the Office for National Statistics (ONS) revealed that while marriages generally were on the decline in England and Wales, baby boomers were going against the tide.

      People aged 65 and above, especially women, were seeking to marry - perhaps even for the second or third time in their lives - and financial stability was cited as a key factor behind this.

      According to ONS data, the number of brides and grooms aged 65 and over went up by 46 per cent in a decade, from 7,468 in 2004 to 10,937 in 2014.

      The ONS suggested this was against the backdrop of an ageing population, with the number of people aged 65 and over up by 20 per cent in the same period.

      Charlene Coulbeck, senior paraplanner for Informed Financial Planning, said: "The trend for later life marriages is definitely increasing. The general stats show that marriage in younger generations is on the decline, but older people are bucking this trend."

      Keith Richards, chief executive of the Personal Finance Society, said this reflected improved longevity and health in retirement: "Older people are getting married and divorced in greater numbers than in the past. Statistically this reflects both the number of baby boomers and the fact that we are all living longer due to medical advancements, etc"

      But he acknowledged there were persistent financial reasons behind this too, not least the myriad studies showing women's pension pots were, on average, much smaller than those of men.

      Ms Coulbeck said more women may be seeking the financial security of marriage later on in life because of the "unfortunate legacy from the years of huge gender pay gaps, and the pension schemes that went with it".

      She explained: "Older generations of women are less likely to have large pension funds built up, or hefty final salary schemes that will support them independently through retirement."

      Jane Finnerty, joint chairperson of the Society of Later Life Advisers, said: "It is true a lot of older women have less financial security, especially if a spouse's pension halves, or she doesn't get a full state pension."

      Last year, research from Investec Wealth & Investment among women aged 55 and above who were about to remarry, or who had remarried, fund there were specific reasons being given for this.

      The research showed 23 per cent of women rated their financial wellbeing as a "significant factor" behind the decision to remarry.

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