New research for Openwork, shows couples are not getting together on retirement planning and risking their financial futures.
Our nationwide study found 64% of over-55s couples have never sought advice on their retirement plans and one in four (25%) have not discussed how much their partner has in pension savings. Nearly one in five (17%) admit to never having discussed financial planning.
Failing to plan could mean millions are heading for a shock – our study found three out of four (76%) of over-55s couples do not have an approximate figure in mind on how much they will receive in retirement income.
There are signs of hope – the research found couples are at least talking to each other with 61% of over-55s couples discussing financial planning for retirement in the last year.
However, it adds up to a general lack of communication with wider family - three quarters of adults (73%) have never spoken about financial planning with their children, parents and other relatives which could be an issue children need help from the Bank of Mum and Dad.
Our Wealth & Platform Director, Mike Morrow, said: “Much more needs to be done by the financial advice profession, regulators and the Government to ensure that families are taking a more proactive and positive approach to financial planning as well as ensuring that couples in particular discuss their retirement plans together and with a qualified financial adviser.
“For couples, seeing an adviser can help them better understand their own position, with financial advisers skilled in ensuring they are on the same page when it comes to their current financial situation and priorities around long-term financial planning.
“Despite helpful online services such as The Pension Advisory Service, The Money Advice Service and the newly launched Money and Pensions Service providing some support, nothing can replicate the benefit of seeing a financial adviser.”
We are committed to expanding access to face to face financial advice by recruiting more advisers and firms to our network as well as training a new diverse generation of advisers through our market leading Academy which has so far enrolled more than 400 candidates since launching in 2014.