1 in 7 couples donít talk about money fearing rows and embarrassment

Nov 30 2012, 14:20 IST
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Avoiding money talks. (Thinkstock) Avoiding money talks. (Thinkstock)
SummaryCouples often feel uncomfortable talking about their financial future or plans for retirement.

As many as one in seven couples over the age of 40 admit that they have never discussed their finances with each other, a new survey has found.

Researchers said that fears of sparking an argument, embarrassment and awkwardness are the main reasons why men and women in relationships shy away from talking about money with their partners, the Daily Mail reported.

They discovered that 15 percent of the 2,000 people surveyed, for insurance firm Prudential, felt uncomfortable about talking about their financial future or plans for retirement with their spouse.

Nearly one in four said that money was one of the main causes of arguments and rows, coming third only behind household chores and family disputes.

Even for the those couples who did talk about their finances, discussions on their long-term plans were likely to be side-lined in favour of everyday money worries, the survey said.

Daily living costs and household bills were the biggest talking point, with more than half of couples discussing these on a regular basis, followed by the cost of home improvements, large purchases and luxuries (34 percent).

Only 22 percent said that they talked about their savings and investments, while just 16 percent discussed their retirement income and pension planning.

Some 15 percent of these couples also said they never intended talking about it in the future.

Vince Smith-Hughes, a retirement expert at Prudential, said couples who refuse to talk about their finances would lose out in the long run.

ďMoney can be a tough topic to discuss at the best of times,Ē he said.

ďMany couples prefer to steer clear of conversations about finances, and especially discussions about longer-term issues like retirement which might feel light-years away.

ďYet it really pays to be honest about your financial situation. Being open about discussing long-term financial planning as early as possible will help couples to ensure they can enjoy a comfortable retirement together,Ē he added.

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