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Divorce rates among middle-aged and elderly individuals, often termed “grey divorces,” are rising, and the financial consequences are particularly severe for women. While men may experience fewer economic setbacks and even income increases post-divorce, women face a significant decline in their standard of living. Factors such as outdated social norms, the gender wage gap, and lower savings contribute to this disparity.
Research indicates that the standard of living for divorcées can drop by 45%, compared to a 21% decline for men. With fewer opportunities for remarriage, women must take proactive steps to safeguard their financial well-being, including actively managing their finances, considering prenuptial agreements, and staying informed about household finances. Planning ahead and having a backup financial plan can mitigate the risks associated with ‘grey divorce’ and ensure financial stability in the future.
‘Grey divorce’ poses higher financial risk for women than men | The Independent