New research from Hodge has found that 56% of people in the country share finances 50/50, compared to nearly 19% who like to have all their finances separate.
The survey asked more than 1,000 people over the age of 50 about their attitudes to finances, later life and retirement.
32% of over 50s know everything about their partner’s finance, but 12% would like to know more. 4% said they hide savings accounts from their partners, while 2% admitted to having debt their partners didn’t know about.
Meanwhile, 64% said they share financial responsibilities, including money decisions. But 20% also admitted only one half of the couple takes responsibility for the household finances, with the other partner having no clue what they spend their money on.
Nearly a fifth (19%) of those surveyed also said they don’t like to have everything in joint accounts, and like to have some money separate to their partners, with only 5% saying they think it’s wrong to keep money separate from their other half.
Emma Graham, business development director for Hodge Bank, said: “These survey results are a really interesting insight into the financial workings of couples over 50. It seems the days of one partner looking after all of the money are gone and now the responsibility is, more often than not, shared out equally between a couple.
“What I do find really surprising is that 4% are hiding pots of money from their other halves, with 2% admitting to hiding debt too. That is worrying as debt can have a big effect on joint mortgage and credit applications.
“Another interesting statistic is 6% of those we asked said that one partner takes the charge of big decisions such as mortgages and loans, while the other deals with day-to-day money issues. Again, this is slightly concerning as many of those big decisions will affect the couple’s retirement plans and really should be made by both.
“What is clear is that when it comes to money and the over 50s, it is mostly a level playing field, with equal knowledge, equal responsibility and equal decision making. Hopefully creating a harmonious later life.”