Anyone who has been through a divorce knows it can be pricey experience. And statistics released today appear to prove it, with divorcees more than twice as likely to be left with no savings or investments.
Office for National Statistics (ONS) analysed by insurer Zurich revealed 32 per cent of divorcees have no savings or investments, compared with 14 per cent of those who are married.
Zurich also said divorcees or separated people are far more focussed on short term financial goals. Only three in 10 (28 per cent) are currently saving for later life, with 65 per cent saving towards a short term life goal such as a holiday or paying for tuition fees for a child or grandchild.
However, divorce rates were on the wane with a 9.1 per cent fall in the number of legal splits during 2015 in England and Wales.
There were 101,055 opposite-sex divorces during the year, 34 per cent lower than the recent peak of in 2003. The number of divorces between same-sex couples was miniscule in comparison: 22 during 2015.
The most likely age bracket to be applying for a divorce was between 40 and 44.
Chris Sherwood, the chief executive of relationship advisers Relate, said: “This [age] can be a challenging time for couples, who may be caring for elderly parents and young children as well as juggling full time work.
“Lack of quality time together and financial pressures can place a huge strain on relationships at this age, and sometimes the result is divorce or separation.”