Couples struggle with financial planning

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.

Nigel Holland from Holland & Co Chartered Accountants said:

“ Although there exists evidence that couples do discuss their financial situation, in reality each partner is often at odds with the other regarding how much income they need in their retirement and also the discussions which people have about their retirement plans are often not turned into actions.

The new rules which are being implemented by the Government for Pensions will allow more flexibility and control in the hands of retired people. It is important that retired people have some kind of strategy as they reach their retirement years and also do not squander their retirement savings.”