Couples risk retirement avoiding financial planning conversations

Couples are putting their plans for a comfortable retirement at risk by avoiding talking to each other about their finances, according to new research. Couples risk retirement avoiding financial planning conversations
The research by insurers Prudential found that one in five (20%) couples over the age of 40 has never discussed financial planning for retirement, while nearly two thirds (63%) say they have never met as a couple with a professional financial adviser to discuss retirement planning.
Each year Prudential surveys couples aged 40-plus on their retirement aspirations and their attitudes to financial planning, and this year’s results show how a reluctance to discuss finances is leading to confusion about their retirement realities.
Nearly half of couples (49%) have no idea about the level of retirement income they can expect when they stop working while 27% do not know how much money their partner has in retirement savings.
The research also identified that many couples are running the risk of leaving one of them in financial difficulties if the worst should happen.

Women are most at risk of being left without an income with nearly one in five (19%) relying on their spouse or social security in retirement, compared with just 8% of men.
Only a third (34%) of respondents said their retirement income will continue to be paid to their partner if they die.
Despite the pension freedom reforms having made it easier for savers to pass on their pension pot to nominated individuals after death, two thirds (67%) of couples have never discussed their finances with their wider family.
Kirsty Anderson, retirement income expert at Prudential, said: “Keeping quiet about financial planning for the future can impact retirement income in many ways.”
“Most couples, whether they’re just starting out with their planning for the future or whether they’re in the run up to retirement, will benefit hugely from a joint consultation with a professional financial adviser about their pension saving and retirement income options,” she added.