Legal and General have conducted research into how UK couples deal with money matters in their romantic relationships. Over 2,000 UK adults in relationships were polled, to gain insight into how they manage their finances as a couple, and their attitudes towards this.
Money talks: but are we listening?
According to the survey, financial discussions are frequent but not always easy. On average, couples talk about money nine times a month. However, these conversations aren’t always comfortable, as 1 in 4 Brits report tension in their relationship due to income differences.
The most significant challenges couples face include saving for future expenses (13%), managing different spending habits (11%), and dealing with debt and loans (10%).
Younger couples (aged 18-24) are particularly strained, with 23% identifying saving for future expenses as their biggest financial hurdle. In contrast, only 8% of those aged 55 and over share this concern, citing managing finances with their partner (53%) as their biggest challenge.
Regionally, 37% of people in Wales report no challenges with financial planning in their relationships—the highest in the UK. However, this drops to just 17% in Greater London, where couples are the most likely to face financial difficulties in their relationships.
Splitting expenses
Despite rising financial pressures, over a quarter (29%) of UK couples have one partner covering most expenses, a figure that increases to 35% in Plymouth.
In contrast, 55% of couples in Brighton prefer to split expenses equally, a trend particularly strong among younger couples aged 18-24, where 55% favor a 50/50 split, compared to just 36% of those aged 45-54.
In response to these pressures, many couples are pooling their resources. A significant 64% of couples now share a bank account, with 30% merging all their finances and 34% using a joint account specifically for shared expenses like household bills.
Open to Conversations?
As a nation as a whole, 81% of those loved up are comfortable speaking to their partner about finances. This figure increases with over 55s, with 86% of the demographic saying this.
Money is a hot topic for the younger generations, with 19% of 25-34 year olds saying they talk about money with their partners everyday! Overall, the average monthly amount of times to have these conversations, respondents said was 9 times, with most saying the frequency was once a week (23%).
If you want to read more about this research, please visit Legal and General’s website here: https://www.legalandgeneral.com/insurance/life-insurance/money-matters/
