One in five married adults believe their partner may be hiding savings for retirement — and one in ten admit to having secret savings themselves, a study shows.
But to avoid unnecessary strain on relationships, secretive couples need to communicate their retirement plans, research from financial mutual Wesleyan Financial Services finds.
One in five married adults say they may divorce their partner if they have different retirement goals.
To avoid unnecessary strain on relationships, secretive couples need to communicate their retirement plans, research from financial mutual Wesleyan Financial Services finds
Meanwhile, nearly half of married adults don’t discuss retirement plans with their spouse and almost three-quarters don’t know how much their partner will have in retirement.
Many couples are not prepared for retirement as they avoid talking about plans and pensions in case it leads to an argument or becomes awkward.
Linda Wallace, of Wesleyan Financial Services, says: ‘Thorough planning is essential and it’s never too soon to begin.
Remember, plans don’t have to be static — they can change as your life does.’ And married couples should make use of tax advantages available to them, adds Ms Wallace.
For example, if you’re married or in a civil partnership, one of you can transfer up to £1,260 of your Personal Allowance to the other to reduce their tax bill by up to £252.
