Pension Planning Poverty Threat for Couples

A worrying third of British couples aged 40 and above not yet retired have admitted in a recent survey that they do not understand the details of their partner’s retirement savings. Get pension planning advice now.

More than a fifth even said they have never talked to their other half about financial planning for retirement, increasing the risk for many of spending old age in poverty, new findings from Prudential have found.

Women were found to be even less likely than men to discuss financial planning for retirement with partners as 24% said they have never talked about it compared to 19% of men.

“It is incredible that so many people do not know the details of their partner’s retirement savings,” said Andy Brown, Prudential investments director.

“It’s astonishing that one in 10 men and women say they’re not interested in their partner’s retirement savings arrangements. 

“Firstly, couples should strive to have open conversations with one another but they also should aim to constructive and use these conversations to begin laying the foundations for their retirement planning.”

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Affluence was also found to have an effect on communication among couples as 73% with a household income of more than £70,000 per annum claimed to have discussed financial planning for retirement, compared to 50% of those whose income is less than £20,000.

Furthermore, people from the North were found to be the least aware of their partner’s finances while those in the South East and East Midlands claimed to have a better grasp.

Government data recently revealed that pensioners are the group most affected by money worries resulting in many suffering from Money Sickness Syndrome.

Many of the nine million pensioners in the UK are experiencing symptoms of the Syndrome, including 43% experiencing anxiety, 22% a lack of concentration, 24% insomnia and 21% admit to feeling depressed.  The research, conducted by AXA, fears that with the default retirement age of 65 being phased out this is likely to aggravate money woes for many pensioners.

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