I recently wrote about Nationwide Building Society's intention to enter the equity release market.
Now it would seem the building society is looking at the product requirements that result from the high level of divorces that occur amongst people in their 50s.
The most recent figures from the Office for National Statistics showed that 131,000 couples divorced in the UK in 2013. This is down 3% on the previous year – and the lowest overall level in 40 years.
BUT, this figure includes the 60,000 people who were 50+ and divorced in England and Wales during 2013 – a rise of 11% in a decade.
So whilst the young just don't bother to get married their parents are calling it a day in record numbers. The reason is the 'Is that it' syndrome. That dull November morning, when the women looks across the table, and thinks - is this how it is going to be until I hit the care home. If I am ever going to call it a day it is now.
Of course the financial implications are massive and this is where Nationwide is looking at providing financial products to assist. Well done, there is a need and at least one organisation plans to offer a product to satisfy the demand. Dick Stroud