Couples discuss their future finances but fail to turn their conversations into action, research by Prudential has found.
The survey found that 79% of couples have talked about their financial plans in the last year. However, 52% say they cannot agree on a target figure for their joint retirement income.
The survey of more than 1,850 adults over 40 years-old revealed:
- 61% of couples have discussed retirement planning in the last 12 months
- 18% still don’t know what the source of their retirement income is going to be
- a quarter of couples have retirement funds that can only cover an individual.
Vince Smith-Hughes, retirement expert at Prudential, said:
“The gulf between those who are aware of retirement issues and recently announced Budget changes, and those who discuss the implications openly with their other halves is alarming. However, simply having conversations about money is not enough. Taking action always needs to be the next step.”
Donna Dawson, psychologist and relationship expert said:
“Although money appears to be a straightforward black and white issue about numbers, it is actually a very complex and emotional subject.
“One way to reduce the emotional impact of financial discussions is to write things down, so that the options can be viewed by both partners objectively. Writing down the pros and cons of situations can help to clarify and contextualise the issues.”