The current trend in later life marriages

Figures show more and more people in their 60s are getting married, for the first, second or even third time - and financial security, rather than starry-eyed romance, seems to be one of the main reasons behind this trend.

According to the Office for National Statistics (ONS), there have been more than 22m weddings in England and Wales over the last 70 years.

The number of marriages peaked in 1972 at over 400,000. However, the number of weddings has almost halved since then. In 2013 there were 240,854 marriages.

But data published last July by the ONS has also shown 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.

The general stats show that marriage in younger generations is on the decline, but older people are bucking this trend. Charlene Coulbeck

Nicola Haines, vital statistics output branch at the ONS, summarised the results thus: "Marriage rates for opposite-sex couples are now at their lowest level on record following a gradual long-term decline since the early 1970s.

"The number of marriages between opposite-sex couples decreased by 3.4 per cent in 2015, compared with 2014.

“Despite this overall decline, marriages at older ages rose; the number of weddings increased for men aged 50 and over and women aged 35 to 39 years and 45 and over."

Factors affecting later-life marriage

So why is there a rise in marriages and civil partnerships among those aged 60 and above, when the general trend for marriage is on the decline? Some commentators believe this is partly due to the post-war baby boom, as well as people living longer and healthier lives well into retirement. 

Charlene Coulbeck, senior paraplanner for Informed Financial Planning, states: "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.

"A change in opinion over the years around divorce, and remarrying after a bereavement all contributes to this I think, as well as longer life expectancy and better health in later years."

Keith Richards, chief executive of the Personal Finance Society, comments: "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.

"If one looks at ‘rate’ rather than numbers, marriage rates for people over 65 have been on the increase for both sexes since 2009. This compares against a steady decrease in marriage rates in general, something that is statistically evident since a peak in the early 1970s."

Marrying in anything but haste

The ONS data also showed a high proportion of men marrying later on in life - 56 per cent of men aged 65 and above who tied the knot in 2014 married a woman under 65. By contrast, only 22 per cent of women aged 65 and over married a man under 65. 

However, overall, there has been an uptick in the numbers of women marrying later on in life, whether for the first time or not, suggesting there is a rising trend of older brides in the UK. 

Last year, a study commissioned by Investec Wealth & Investment (IWI), and carried out by pollsters Opinium among 1,000 women in the UK aged 55 and above, corroborated the ONS findings. 

It is great to see more women remarrying later in life, and we are advising a growing number on the financial risks and advantages this brings. Helen Medhurst-Jackson

The research found more women were marrying, or marrying again, later on in life, rather than go through a civil partnership or co-habit. 

The IWI research suggested the number of women marrying over the age of 65 increased by 56 per cent in the five-year period to 2014. The survey said: "With increased longevity, this percentage looks to increase further, with second, even third marriages, potentially lasting for several decades."

Helen Medhurst-Jackson, financial planning director at Investec Wealth & Investment, says: "It is great to see more women remarrying later in life, and we are advising a growing number on the financial risks and advantages this brings. It is very important to know what these are, before tying the knot."

Part of the reason, as the following article in this guide will explore, is the financial impetus behind the rising trends in marriage. But as Ms Medhurst-Jackson comments: "Money alone does not guarantee a successful marriage, but whether we like it or not, it is a key factor, and that is well-recognised by those women who have already tied the knot."

Romance isn't dead

Jane Finnerty, joint chairperson of the Society of Later Life Advisers, comments: "We know the divorce rate is up and that the rate of marriage in later life is also an increasing trend."

However, she does not believe this is primarily for financial reasons - she intimates "some older pension arrangements might mean this isn't a good idea" - but she believes this is for "companionship".

And romance cannot be entirely factored out of the equation. Take, for example, the case of 72-year-old grandmother Almeda from Tennessee, who in 2016 married a 19-year-old called Gary shortly after ending her relationship with her 77-year-old ex.

According to newspaper Metro, in April this year they celebrated their two-year anniversary and are "happily married". Who says romance is dead?

simoney.kyriakou@ft.com