Who suffers financial burden of failed relationship most? Men or women? Truth REVEALED
GETTY One in four adults experience severe financial difficulty after a break up.
Research from Noddle shows one in four adults experience severe financial difficulty after a break up. Women are more likely to be owed money, or left to pay for housing alone but men face bleaker long-term prospects after a breakup, having less support from friends and family and twice as likely to struggle to recover. More than 590,000 men and women a year are hitting financial troubles because of a relationship breakdown, according to the report. The study shows a gender divide in the results with women suffering more severe, short-term troubles while men are more likely to struggle for longer. Women are significantly more likely to be owed money by their partner - 48 percent of women were owed versus 29 percent of men. And women are often left solely responsible for rent or mortgage payments with 38 percent compared 27 percent.
GETTY 590,000 men and women a year are hitting financial troubles because of a relationship breakdown
But women are also chased by debt collectors at the end of a relationship - 27 percent versus 19 percent. Noddle also warn women are also more likely to suffer from a poor credit score after a breakup either due to a lack of credit activity themselves during the relationship or damaging activity such as missed or late payments by their partner. This credit gap, the study claims, often results in women being ineligible for various financial products or having to pay more for the likes of loans or credit cards. Jacqueline Dewey, MD of Noddle, said: “Despite most couples making financial decisions and contributions jointly while together, men are much more likely to take out products in their name. Over the long term this can have a negative impact on the woman’s credit score, leaving her without the ability to borrowing money and restart her life after the relationship ends.” However, the financial damage from a broken relationship can be lessened with a little help from friends and family.
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I wasn’t in great financial situation at the time. I was trying to get my own business venture started and I had the stress of everything I owned being in someone’s garage Simon Davies, 28, from Surrey
Express.co.uk spoke to Simon Davies, 28, from Surrey who suffered a massive financial loss at the end of a “broken” relationship. Two years ago Mr Davies moved back to the UK from Berlin with his partner. The relationship, which had been on the rocks for some time, ended with Mr Davies, grabbing a backpack and walking out the door. Unfortunately for Mr Davies all of his possessions had gone into his partner's parent’s garage, during the move. Everything from computers full of a lifetime’s worth of photos, to the shoes needed for the job interviews that would help him re-start his life. He said: “I wasn’t in great financial situation at the time. I was trying to get my own business venture started and I had the stress of everything I owned being in someone’s garage.” And then disaster struck. Two days before he was due to collect his life possessions the garage caught fire and Mr Davies lost everything he owned. He said: “All of the clothes and furniture that I owned, computers, photos, books - everything - at least $10,000 worth of things.”