One in seven (14%) UK couples over the age of 40 – or around 4.2 million people – admit they have never jointly discussed their finances, according to new research from Prudential.
Fears about having awkward conversations is driving the behaviour, with 15% of those surveyed admitting they feel uncomfortable talking to their partners about financial planning in case the conversation boils over into an argument.
Money is the third most likely subject to cause arguments amongst couples, with nearly one in four people questioned (23%) claiming that they fight over finances ahead of work (10%), and politics and religion (5%).
In fact, only household chores (27%) and disputes about family (30%) are more likely to cause a row.
Even for the majority of couples who do discuss their retirement plans, long-term issues are likely to be side-lined as short-term everyday expenses take priority.
According to Prudential, discussions about long-term financial planning are far less prevalent among couples over 40, with only 16% claiming to regularly talk about retirement income and pension planning.