LNB News: The research suggests that this could be driven by a combination of several key factors, including that women are typically paid less than their male counterparts, with the average divorcing man four times as likely to be earning more than the woman in the relationship (74% versus 18%). Further, and significantly, women are more likely to waive their rights to a partner’s pension during a divorce (28% women versus 19%) despite data showing that men currently below the State Pension age have a higher median active pension wealth (£25,300 men versus £20,000 women), and that a man’s median pension wealth for those aged over 65 is double a woman’s (£223,933 men versus £112,967 women).
Other key statistics arising from the research are:
• women are more likely to face financial struggle post-divorce (31% women versus 21% men)
• women are more likely to worry about the impact on their retirement (16% women versus 10% men)
• more men felt that the division of finances at the point of divorce was fair and equitable (54% men versus 49% women)
This content was first published by Lexis®Library, a LexisNexis® company, on 4 January 2021 and is published with permission. Further information can be found at: www.lexisnexis.com
Source: The Divorce Gap – women see incomes fall by 33% following divorce, compared to just 18% for men
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