Many British couples are burying their hands in the sand over their financial situations. One in seven couples over the age of 40 – or around 4.22 million people – admit they have never discussed their finances, according to new research from Prudential.
Fears about having awkward conversations drives this behaviour, with 15% of those surveyed admitting they feel uncomfortable talking to their partners about financial planning.
Even for the majority of couples who do discuss their retirement plans, long-term issues are likely to be side-lined, as short-term everyday expenses take priority. Daily living costs and household bills are regularly discussed by the majority of couples (60% and 52% respectively), and one in three couples (34%) speak about the costs of home improvements, large purchases and luxuries.
However, discussions about long-term planning are far less prevalent, with only 16% of couples claiming to regularly talk about retirement income and pension planning. Only 3% of couples claim they have had conversations about inheritance planning and tax.