NewsThu Jul 22, 2004 - 12:15 pm EST
Divorce: The most expensive life event according to 61% of those who know
WINNIPEG, MB - July 22, 2004 (LifeSiteNews.com) - A new poll of divorced Canadians shows that a majority believe divorce is the most financially expensive event that can happen in a person’s life. Focus on the Family Canada quoted the results of the poll this week urging Canadians to think twice about the hurtful step.
An Investors Group poll of 160 divorced Canadian adults conducted by Decima Research shows that divorce often comes with a financial penalty: 47 per cent of respondents say divorce made their financial situation worse.
In fact, respondents also reported that because of their divorce: 35 per cent had to go into debt; 22 per cent had to seek financial support from friends and family; 28 per cent had to sell household items or personal assets; and, 27 per cent had to sell or redeem financial investments.
Children are affected financially as well. The poll found that 44 per cent of people said it was extremely difficult to save for post-secondary education after divorce. jhw