Press release Joint accounts, divided views: UK couples admit differing financial priorities

• Over half of UK couples living together fully combine their finances (55%).
• However, 15% of them say that they find conversations about money with their partner ‘challenging and stressful’.
• A further 15% admit to having different financial priorities to their partner. The majority say this doesn’t affect their relationship (60%), but over a third say it causes problems (38%).
• Research supports the latest episode of Aegon’s brand new Money:Mindshift podcast, discussing the psychological and emotional side of managing your finances as a couple.

To support the release of the latest episode of the new Money:Mindshift podcast, guest starring Emma Boardwell, Founder of Emotional Finance, Aegon shares some insights into how couples across the country manage their shared money and financial wellbeing.

The new research found that over half of UK couples living together choose to fully combine their finances, making use of joint bank accounts and actively discussing savings goals (55%).

However, 15% of people living with their partner say that they find conversations about money with their other-half ‘challenging and stressful’.

Much of this challenge appears to arise from differences in priorities, with 15% of people saying their partner’s values are contrary to their own. Of these people, the majority say these differences don’t affect their relationship (60%), but over a third admit that it causes issues between them (38%).

Dr. Tom Mathar, a behavioural finance expert and Head of Money:Mindshift, believes the findings showcase a need to develop a more human-centric approach to our finances:

“Finding the right balance between your independent and joint financial priorities is a tricky task at the best of times, let alone during periods of economic challenge like many are experiencing today.

“However, what we’re trying to do with Money:Mindshift is promote the idea that difficulties, and the negative emotions they can inspire, are not failures – they’re insights into your relationship with your money and how you can improve it, both individually and together.

“When it comes to talking about your money, it’s important to realise that each of us is more than just an investor or saver, with our personal finances closely linked to our instincts, emotions, vulnerabilities and values. As a result, you should try to discuss these feelings and topics just as much as you consider where you put your money and how much you have.

“By being open and exploring the more personal drivers behind financial decisions or instincts, you may begin to make decisions that are more empathetic to each other’s goals and desires, inspiring a more positive relationship in more ways than one.”

Emma Boardwell, Founder of Emotional Finance, adds:

“Couples often approach money differently, and that can be a real source of tension. Arguments about money are often proxies for deeper issues like trust, control, security or power, which is why conversations can quickly get messy.

“That’s why I support financial professionals, as well as couples themselves – to help bring curiosity and understanding into these conversations. When advisers have the skills to facilitate conversations that include emotions as well as numbers, they can work with clients to explore their differences rather than ignore them. Financial decisions made from this piece of shared understanding are stronger, more flexible, and open up space for compromise and creative solutions to grow.”

Case studies are available for use in content covering this story – please get in touch if you’re interested and we can arrange a chat with them for you.