In the South West of England, PNAs are going from hushed conversations behind closed doors of the rich and famous to becoming as normal as talking about the weather among younger generations, and how much you earn no longer matters across generations. This is according to research commissioned by leading family law specialists at Payne Hicks Beach, published today.
New generations, new attitudes
Across the UK, the research revealed that 76% of Gen Z and millennials think that PNAs are a practical and wise decision. Fewer Gen X (64%) and Boomers (61%) agree.
Younger generations are more open to discussing PNAs and entering these agreements. Fewer Gen X (60%) and boomers (59%) were comfortable discussing PNAs than Gen Z (68%) and millennials (69%).
Younger generations are also happier to enter into a PNA. Two thirds (67%) of Gen Z and millennials would be happy, compared to 59% of Gen X and 56% of boomers.
Head of Family Law at Payne Hicks Beach, Rebecca Cockroft comments:
“Over the years we have seen a growing number of clients come to our firm for a pre-nuptial agreement prior to marriage,” comments Rebecca Cockcroft, Head of Family Law, Payne Hicks Beach. “This research confirms the upward trend that transparent conversations about long term financial planning is valued.”
“We believe this is driven by couples getting married slightly later in life and as a consequence are more likely to have amassed some personal wealth prior to marriage,” Cockcroft states.
“Attitudes have changed and it is no longer seen as unromantic to approach the question of a PNA prior to marriage. Rather, it is simply seen as good financial sense and no more controversial than determining where a couple will live.” comments Cockcroft.
Other key report findings (National figures)
- Women are slightly more receptive to the idea of PNAs. 72% of women felt PNAs are a practical and wise way for individuals to financially protect themselves when considering marriage, compared to 65% of men.
- 61% of the 104 respondents planning to propose this year want or will consider a PNA.
- There is bias in perceptions of who benefits most in the wake of divorce. The research also explored perceptions following the breakdown of a marriage. 10% of respondents thought that men benefitted more favourably and 40% thought that women did.
Legal Director at Payne Hicks Beach, Kelly Gerrard, adds,
“England has a reputation for being the “divorce capital of the world” and for being a paternalistic jurisdiction that is generous to women. It is therefore surprising that so many women are open to signing up to a PNA but perhaps this is reflective of women being more financially independent.”
“I am not surprised that the general perception is that women are more likely to benefit favourably on divorce. England (and particularly London) has long had a reputation for being generous to the financially weaker party, which is typically the wife. It is important to note that the Law Commission is currently undertaking a review of the law on finances on divorce and the outcome of their review (which commenced in April 2023) is eagerly awaited.”
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