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Many Couples are in Financially Incompatible Relationships

19 February 2018 Written by Davidson Shirley Solicitors Category: Blog

One in five adults in Britain are in financially incompatible relationships, according to new research by Scottish Widows. 

According to the survey of couples – both living together, living separately and those who are married – almost a fifth (17%) wish they had discussed finances earlier in a relationship. More than a third (34%) of divorcees cited persistent financial worries as a reason they broke up.

The research reveals that financial incompatibility, including a lack of shared financial aspirations and different attitudes to spending and saving, is causing friction in people’s relationships. One in five (20%) say they wish their partner would save more for their future, more than a quarter (27%) say their partner’s spending is impacting their ability to save and 18% say a lack of shared goals has put a strain on their relationship.

It seems some couples are unlikely to be open about finances with their partners. The research reveals one in ten (11%) people do not share salary details with their partner.

Furthermore, more than half (57%) don’t know how much their partner has in their separate personal bank account. Also, 25% of married Brits admit to keeping a separate stash of cash for themselves.

Older generations are apparently happy to disclose financial information much sooner than younger people. When asked at what stage they feel happy discussing finances with their partner, around one in ten (8%) millennials say they are immediately comfortable talking about money compared to 34% among the over 55s.

Spending habits may be preventing couples from moving into together; 41% of Brits who are in a relationship, but currently living separately, say that their partners’ spending habits are impacting their ability to save.

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