A recent article in the Independent highlighted research by Prudential  that found how little couples share about their finances and their financial plans. According to the research 20% of couples have never had a conversation about financial planning for retirement and 10% say they have no interest in the subject of money nor their partner’s financial situation.

Without these conversations how can couples and families expect to achieve the financial goals they may have?

A number of advantages can be had by discussing financial goals and sharing with each other your financial circumstances:

- You can align your Financial Planning to what really matters most to you.

- You can put a reason on why you are working the long hours that you do if you have agreed a particular goal.

- You can uncover what really makes your partner tick in ways that perhaps you would not normally. Perhaps your partner would be much happier stopping employed work and doing voluntary work?

- You can minimise the tax that you pay, especially if one of you is a higher rate tax payer and the other is not.

- You will know what capital resources are available should either of you have an accident or die.

- Pooled resources can work more efficiently and investment risk that is being taken can be managed more effectively.

When I am conducting annual reviews of client’s portfolios it is often with only one of the couple. I always see it as a pity that it is not taken as an opportunity to share and understand an area of life that is so important to people and will directly impact the lifestlye they are able to live.

Andrew Neligan is an award winning, fee based Chartered Financial Planner with Informed Choice who assists legal professionals achieve their financial goals. If you and your partner would like to understand more about your finances click here.

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