Divorced or separated people are struggling to manage their finances on their own, research by mutual insurer Royal London found.
A quarter (25%) of those surveyed revealed they wish they had stayed with their ex-partner as they face money worries.
Around 100,000 people go through a divorce each year in England and Wales alone; and, in the survey, 36% said it is “harder or more stressful” to deal with money by themselves.
This is also because newly-divorced people said they find it difficult to adjust to the impact that being single has on their finances.
Not being able to cope
Nearly half of respondents (48%) also admitted that they were forced to increase their working hours just to make ends meet, and 30% of single parents felt like they were getting in even more debt.
According to Royal London, divorce can come with increasing debt and working more hours makes it more difficult to “shop for the best deals”.
This coupled with a lack of information is leading many to make unsound decisions.
“It’s a sign of how serious the financial struggle can be post-split that some people feel like they wish they had not gone their separate ways,” said Becky O’Connor, personal finance specialist at Royal London.
“The impact on your personal finances from splitting up and going down to one income is a big challenge. A drop in income often comes after you’ve gone into debt to pay for the divorce or separation – so it’s a double whammy of debt repayments and less money coming in to pay the bills.
Women have it hardest
A recent study by Swiss firm UBS found that women are the ones struggling the most with their finances post-divorce.
The survey found that three quarters (76%) of widows and divorcees wish they had been more involved in long-term financial decisions while they were married, rather than trying to navigate them while coping with such significant life changes.
Higher levels of engagement may also protect women from unpleasant discoveries later in life, with 74% of women surprised to find they are in bad financial situations after a divorce or death of their spouse.
O’Connor added: “The research underscores the importance of a fair financial settlement when a couple divorces.”
