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Brits risk finances on second life

More than 8.5 million Brits are risking their savings, their pensions and their financial future when they start a 'second life' with a new partner.A major new study by Standard Life, The Real Second Life Report, found that the cost of starting all over again was an average £20,000, and that for more than three quarters (83 per cent) of those affected, the financial impact of ending a relationship and starting again was as just as stressful, or even more so, than the emotional aspects of a break-up.The research found when a co-habiting relationship came to an end, as many as a third of 35-to-65-year-olds were left with no pension to their name, and among those with a pension, around one-in-ten either had to give away part of their retirement nest-egg, or received some of their ex-partner's.Andrew Tully, marketing manager at Standard Life, said: "When going through an emotional upheaval like divorce or separation, pensions are unlikely to be at the forefront of people's minds. "But it is crucial to be aware that starting afresh can have serious implications on your financial future; either by having to forfeit part of your pension to an ex-partner, starting a retirement fund from scratch, or beginning a new relationship with new financial responsibilities." Mr Tully added: "Our research found that 15.5 million Brits would like to leave their present life and start again. For those planning a second life, it is crucial that they consider the financial implications, save where they can, and seek guidance either direct from the provider or through a financial adviser. "Essentially the bottom line is that the more money you can afford to save and the earlier you start saving in life, the more secure your retirement. With changing lifestyles and people living longer, this message has never been more important."

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