Personal Debt Problems Boost Divorce Rates For Over 50′s

Personal debt problems have been cited as a contributory factor in the five fold increase in divorce rates for the over 50′s.

There has been a five fold increase in the number of divorces for the over 50′s, according to figures from the Department of Work and Pensions.

Research by Saga Legal Services has been investigating the reasons behind this rising tide of marriage breakups and found that personal debt problems accounted for nearly a quarter (23%) of the triggers for divorce.

Four in every ten adults are worried about personal debt according to recent research, with over spending on credit cards being the main cause of money worries. Problems with overdrafts and meeting monthly mortgage payments also cause concern and marital stress, as Steven Law, the President of R3, explained:

“It is alarming, but not surprising that so many people are worried about their debt. The research shows how debt has become a fact of adult life – starting with a student loan and eventually graduating to a mortgage, credit cards and loans.”

It appears from that the responsibility for keeping and maintaining the family home also causes stress amongst the over 50′s as this was cited by a third of respondents in the Saga research as being the main cause of the marriage breaking down.

More personal aspects of long term relationships also play a part in divorce with lack of interest in sex, lacking commitment and meeting someone else all playing important roles in triggering divorce proceedings.