The number of older women getting married for the first time or remarrying has risen in recent years – and research suggests for many the decision to tie the knot is as much about money as it is about love.
Investec Wealth & Investment’s (IW&I) research showed that nearly half of divorced and widowed women aged over 55 said that their financial wellbeing either would or had influenced their decision to remarry rather than to have a common-law relationship.
Of these, almost a quarter rated their financial wellbeing as a significant factor and one in ten said it was the primary factor in deciding to remarry, rising to 15% among divorced women.
The number of women marrying over the age of 65 grew 56% in the five-year period to 2014, a percentage likely to rise with increased longevity.
The biggest financial consideration cited by 45% of over 55s behind the decision to remarry rather than have a common-law relationship was an automatic right to a pension pot if they split up or one partner dies.
The potential benefit gained from the doubling of the inheritance tax threshold for married couples to £650,000 (€739,000) for the surviving spouse was cited by a quarter of respondents.
Jane Finnerty, chairwoman of the Society of Later Life Advisers, said: “It’s great to see that older women are increasingly aware of the financial considerations when it comes to marrying and remarrying in later life.”
©2017 funds europe
