Global Financial Crisis At Fault for Sky-Rocketing Divorce Rates in Australia

The global financial crisis is affecting people's lives at a big scale in Australia, with the national divorce rate spiking 5 percent during the crash.

Australian Bureau of Statistics figures show the number of divorces increased by 4.7 percent in 2009 - the first rise since 2001.

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But the number of marriages is also on a steady rise, with more than 120,000 couples exchanging vows in 2009.

Experts said the squeeze of the financial crisis was wiping out the romance of the white wedding and warned the significant spike in couples splitting up could be the "beginning of a wave of divorces".

Relationships Australia NSW chief executive officer Anne Hollonds said she expected a further increase in divorce statistics next year and a larger long-term ripple effect.

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"Lots of couples we see took out mortgages while interest rates were low and they are now struggling with those repayments," the Daily Telegraph quoted her as saying.

"People tend to hang on [to their marriages] for as long as they can; they try to get some help.

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"So if they do end up separating it can be a couple of years down the track and I think that's what we will see continue to happen," she stated.

Hollonds said money was always the top answer whenever her organisation asked couples what caused tension in their relationships.

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"It's followed by work and kids, but money is always number one," she added.

Source-ANI