Over a quarter of Brits in a relationship admit to having no financial protection against divorce.
Financial planning: divorce survey
- Over a third (37%) of adults in a relationship are unsure whether they have any financial protection against divorce.
- Over a quarter (26%) of adults in a relationship don’t hold any type of financial products together.
- Two fifths (39%) of adults in a relationship admit they think they will be reliant on their partners income/wealth during retirement.
Over a quarter (27%) of all British adults in a relationship, representing 8.5million people*, do not have any financial protection to cover themselves in the event of a relationship break down, with over a third (37%) admitting to being unsure whether they have any financial protection; according to wealth manager Kleinwort Hambros.
The survey, which questioned over 1300 people who are married, in a relationship or in a civil partnership, revealed that those of an older age are more likely to have some form of protection in place. This is compared to younger ages, of which half (50%) of those aged 18-to-24 admitting to having no form of protection, with only a quarter (26%) of those aged 55 and older admitting this.
Paul Kearney, Head of Private Banking for Kleinwort Hambros says : “Separating from a partner is always a life- changing situation and can be a very isolating experience. Yet when approached in the right way, the process provides an opportunity to take control, and give your life a new direction and focus.
“One of the most important issues to consider is the financial settlement, which involves navigating a complex set of decisions that will have serious implications for the future. It’s essential to seek support from a team of professional advisers who can help make informed choices.”
Kleinwort Hambros has a wealth of experience in helping individuals, families, entrepreneurs, charities and their advisers to manage their financial assets, whether they are based in the UK or overseas.