Are your savings at risk? Older daters beware!

Love in later life can be a wonderful thing—a second (or third!) chance at companionship, laughter, and maybe even a little romance. 

But as more Australians in their 40s, 50s, 60s and beyond find themselves dating again, there’s a less glamorous side to consider: the financial risks that come with blending lives at this stage.

It’s not the most romantic topic, we know. But as NGS Super financial planner Trudy Jenkin points out, sorting out your finances early on can actually strengthen your relationship. 

‘It’s definitely not romance, but it can be union building in a way,’ she says. ‘If you’re burying your head in the sand and issues arise down the track, it can cause a lot more grief.’ 

Why is this so important for older daters? Unlike our younger selves, who might have been pooling savings to buy a first home or start a family, those of us dating later in life often bring significant assets to the table. 

Think: the family home, a healthy superannuation balance, maybe even an investment property or two. And let’s not forget the adult children from previous relationships, who may have a stake in your estate.

The new landscape of love and money

Recent data from the Australian Bureau of Statistics (ABS) shows that Australians are not only marrying later but also divorcing later. 

In 2024, the average age for men at divorce was 47.1 years, and for women, 44.1 years—both up from just a few years ago. 

With 118,439 marriages and nearly 49,000 divorces last year, it’s clear that many of us are navigating new relationships with a lot more life (and assets) behind us.

This shift means that older couples are often more pragmatic about money. ‘People who come together later in life are a lot more pragmatic about these things in terms of financial issues,’ says Ms Jenkin. 

‘You’re much more comfortable joining a union when you’re younger because you’re often saving towards a common goal like a family or a house. Later in life, the goals—and the risks—are different.’

Protecting your family and your future

One of the biggest concerns for older daters is protecting their children’s inheritance. ‘They really want to protect their adult kids more potentially than a generation or two ago,’ Ms Jenkin explains. 

‘It used to be, ‘I’ve done my job, my kids are raised and they have their foot in the housing market.’ But now, with property prices so high, many parents want to ensure their estate helps their kids buy a home they might not otherwise afford.’

This can create tricky situations if a new partner enters the picture. Without clear agreements, your assets could end up somewhere you didn’t intend, or worse, spark family disputes that last for years.

The conversation you can’t afford to avoid

Let’s be honest: talking about money with a new partner can feel awkward. No one wants to seem untrusting, or to jinx a budding romance by bringing up the ‘what ifs.’ But as Ms Jenkin says, ‘If you get it done, put it in the bottom drawer, then there’s no grey areas.’

‘If you have great communication to start with on these matters, then it’s not going to be an issue that will cause grief down the track.’

So, what should you be talking about? Here are some key topics to cover:

• Assets and Liabilities: Be upfront about what you own and what you owe.
• Superannuation and Pensions: How will these be managed if you move in together or marry?
• Estate Planning: Who are the beneficiaries of your will? Do you need to update it?
• Financial Agreements: Would a binding financial agreement (sometimes called a ‘prenup’) give you both peace of mind?
• Support for Adult Children: Are there expectations or promises you’ve made to your kids?

The Golden Bachelor effect

With shows like The Golden Bachelor coming to Australia in 2025, later-life romance is getting its moment in the spotlight. 

But as Ms Jenkin warns, ‘Many couples are so caught up in the excitement of new love that they overlook crucial financial considerations. This oversight can lead to significant problems down the track.’

It’s not about being pessimistic—it’s about being prepared. With one in two couples ultimately separating, the odds aren’t always in your favour. Having the conversation now can save a lot of heartache (and legal fees) later.

Do you need a binding financial agreement?

Not every couple needs a formal agreement, but it’s worth considering if you have significant assets or want to protect your children’s inheritance. 

‘If you’ve got both parties on the same page about it, or at least one party wanting to protect their wealth, it certainly goes a long way to protecting that,’ says Ms Jenkin.

Of course, some couples are totally opposed to the idea—and that’s fine, as long as you’re both comfortable with the risks.

Tips for navigating love and money in later life

1. Start the conversation early: Don’t wait until you’re moving in together or getting married. The sooner you talk, the better.
2. Be honest and transparent: Lay your cards on the table. Secrets can come back to bite you.
3. Seek professional advice: A financial planner or lawyer can help you understand your options and put agreements in place.
4. Update your will and super beneficiaries: Make sure your legal documents reflect your current wishes.
5. Keep communicating: Money issues can change as your relationship evolves. Keep the lines open.

Your turn: Have your say

Have you started dating again later in life? Did you and your partner have ‘the money talk’? What advice would you give to others in the same boat? Share your experiences and tips in the comments below—your story could help someone else navigate this tricky but important part of finding love again.

Also read: Unlock happier relationships instantly: The ‘5 Second Rule’ every psychologist swears by