You and your money

Couples Retirement Planning: The Value of Discussing Financial Advice


Older couple on a beach

Our new research, reveals couples are risking financial confusion by failing to talk about their retirement plans.


UK Couple Retirement Planning Statistics

More than a third (34%) have never discussed with their partner how much they have in pension savings and a staggering 84% do not have in mind a figure for how much annual joint income they expect to have in retirement.

Our nationwide study shows couples are not seeking professional support – nearly three-quarters (74%) of over-45s have not asked for help with retirement planning from a financial adviser either together or on their own.

And even among those who have looked for advice just one in eight (12%) have seen an adviser together with the rest either going alone or saying their partner had seen an adviser by themselves.

There is demand for advice and a recognition that they could do with support – a quarter (24%) of adults worry they don’t know enough about money, with women (27%) slightly more concerned than men (22%).

Those who do see advisers are most likely to be recommended one by family or friends - 26% of adults saw one recommended by a friend or family member while a fifth (20%) went to an adviser off the back of an employer recommendation

Our research shows nearly two out of five adults (36%) would like their employer to offer financial advice, rising to more than half (60%) of 18-24-year olds.

Mike Morrow, our Wealth & Platform Director, said: “Money is one of the biggest stresses and strains on any relationship. Communication and strategy can help to alleviate this and allow couples to be more confident about their future financial forecast.

“We would urge all couples building a life together to discuss and inform each other on what finances they have and seek professional advice to ensure they are on target to reach their agreed expectations and goals.”

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