Debt Contributes to Divorce: Can a Prepaid Card Help?
Maintaining homes and the responsibility of debt are the main causes of conflict that contribute towards divorce in the over-50s, new research shows.
If you are struggling with debt and your relationship is suffering as a result, a prepaid money card could help you budget and manage your finances.
Divorce rates among those over 50 years old have risen fivefold in the past decade according to the Department for Work and Pensions.
Saga Legal Services’ research revealed that the biggest disputes when going through a divorce after the age of 50 were surrounding financial disagreements rather than emotional or family problems.
Keeping and maintaining the home accounted for 33 percent of conflicts and responsibility for debts for 23 percent. A further 35 percent also admitted to arguing about who was responsible for the divorce.
The study asked more than 1900 people who had divorced when they were over this age and found one in four blamed a lack of interest in sex as the reason behind their divorce.
“Divorce rates amongst over 50s are increasing and our research point to relationship issues such as a lack of interest in sex and emotional coldness playing a significant part,” said Ros Altmann, Saga’s director general.
“Perhaps once the children have grown up and flown the nest, couples are addressing the failings in their relationship and embracing a second lease of life.”
The survey also showed that 28 percent said their partner was emotionally cold or distant, which contributed to the split, while 27 percent said they lacked commitment.
Nagging contributed to 14 percent of breakups, meeting someone else was the cause for 13 percent, and 10 percent simply ran out of things to talk about.
When it came to issues surrounding step-children, men had more issues with 12 percent admitting the breakup was due to this compared to 4 percent of women.
Compare Prepaid Money Cards
If debt is a problem in your marriage, or you are struggling to manage financially maintaining your home, a prepaid money card could help you budget.
The card holder pre-loads money onto the card and only that amount can be used, so unlike other credit cards you will not get into debt or have to deal with heavy bills.