Posted on August 26th, 2010 | Categories - Pensions
Around 20 per cent said they had never discussed the matter at all with their spouse and 10 per cent said they were not even interested, leading to concern amongst experts who fear that many people are leaving themselves open to financial poverty in the future. Andy Brown, investments director at Prudential, said: “It’s astonishing that one in 10 men and women say they’re not interested in their partner’s retirement savings arrangements”.
He continued: “Firstly, couples should strive to have open conversations with one another but they also should aim to be constructive and use these conversations to begin laying the foundations for their retirement planning. It is incredible that so many people do not know the details of their partner’s retirement saving. Essentially, this could mean millions of UK adults are banking on hope as their core retirement strategy and are approaching what is arguably the most important financial decision without a full understanding of their household financial situation”.
The research also found that low income households are less likely to talk about retirement planning than better off couples and families. About 75 per cent of the people who did discuss their pension plans with each other had a household income of over £70,000.