UK Wedding News
04/06/2013
The authors of the report said the increasing pressure on retiree's finances is a result of high energy prices and poor returns on savings and investments. It added that more debt advice was needed for the elderly in the UK.
When looking at the figures, the authors found "a statistically significant decrease in quality of life", among those whose debts became a problem, adding that they were more than twice as likely to experience partnership breakdown as those who stayed in control of their finances.
Between 2002 and 2010, a small number of older people involved in the research experienced marital breakdown, such as divorce or separation, but not widowed. It was found that those who entered problem debt were more than twice as likely to experience partnership breakdown as those who had secure finances. The pattern however, was not found among those who entered unsecured credit arrangements but were not in problem debt, thus suggesting that problems debts could have contributed to the relationship breakdown.
The report defines people as being in problem debt if they spend more than 10% of their income on repaying it if they are very poor, or 25% if they are wealthy.
(JP/CD)
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Debt Problems 'Could Fuel Elderly Divorce'
A new study published by the International Longevity Centre UK (ILC-UK) and Age UK has revealed that elderly couples who struggle with debt are more than twice as likely to suffer marriage breakdown than those whose finances are safe.The authors of the report said the increasing pressure on retiree's finances is a result of high energy prices and poor returns on savings and investments. It added that more debt advice was needed for the elderly in the UK.
When looking at the figures, the authors found "a statistically significant decrease in quality of life", among those whose debts became a problem, adding that they were more than twice as likely to experience partnership breakdown as those who stayed in control of their finances.
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Between 2002 and 2010, a small number of older people involved in the research experienced marital breakdown, such as divorce or separation, but not widowed. It was found that those who entered problem debt were more than twice as likely to experience partnership breakdown as those who had secure finances. The pattern however, was not found among those who entered unsecured credit arrangements but were not in problem debt, thus suggesting that problems debts could have contributed to the relationship breakdown.
The report defines people as being in problem debt if they spend more than 10% of their income on repaying it if they are very poor, or 25% if they are wealthy.
(JP/CD)
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