The Prudential is concerned that UK couples could be risking an old age in poverty because they are failing to talk to one another about financial planning for their retirement.
The findings from new research commissioned by Prudential showed that 32% of couples aged 40 and above but not yet retired say they don’t know or understand the details of their partner’s retirement savings, with more than a fifth (22%) saying they have never talked to their partner about financial planning for retirement.
The study revealed that women are even less likely than men to discuss financial planning for retirement with partners, with 24% of women saying they have never discussed this, compared to 19% of men.
And a further 12% of women and 11% of men say they know nothing about their spouse or partner’s finances – and they’re not really interested. This lack of interest could be compounding low levels of financial awareness.
To help people prepare for their retirement, Prudential has produced a <a href="http://www.pru.co.uk/couplesconversations">decade-by-decade guide to the conversations couples need to have</a>. Suggested subjects include making a will, discussing pensions and how much to save, talking about when to retire, working out retirement income, reviewing total savings, researching annuity options and when to buy, checking National Insurance contributions, talking about housing options, leaving an inheritance, and agreeing on long term care.
Andy Brown, investments director at Prudential, said: “It is incredible that so many people do not know the details of their partner’s retirement savings. Essentially
