Money is an important topic, but how comfortable are we discussing it in our relationships? Do we openly tackle the ‘awkward’ conversations about splitting bills? And when, if ever, is the right time to open a joint bank account?
Legal & General polled more than 2,000 UK adults in relationships to get their perspective on money matters.
Managing money
When it comes to managing finances, most respondents face challenges with their partner. The biggest challenges were saving for future expenses (13%), managing different spending habits (11%), and dealing with debt and loans (10%).
Younger participants (18-24-year-olds) were the most likely (23%) to say ‘saving for future expenses’ was their biggest financial challenge in their relationship. In contrast, just 8% of over 55s gave this answer.
Across the UK, people in Wales are the most likely to report no challenges with financial planning in their relationship, at 37%. In contrast, those in Greater London are the least likely to say the same, with only 17% reporting no challenges.
Splitting expenses
With rising financial pressures, many couples are choosing to pool their resources. 64% of couples have a shared bank account. Among them, 30% combine all their money, while 33% use a shared account only for joint expenses like household bills.
When it comes to splitting financial commitments, couples adopt various approaches. Overall, 42% of couples divide expenses equally, 29% have one partner pay for the majority of expenses, and 25% split costs proportionately based on salary.
In Brighton, 55% of couples favour a 50/50 split, while in Plymouth, 35% report that one partner covers most expenses. Younger couples (18-24 years old) are more inclined (55%) to split expenses equally compared to 36% of those aged 45-54.
Discussing finances
A substantial 81% of respondents feel comfortable discussing financial matters with their partner, with older respondents (aged 55+) being the most comfortable (86%). Despite this, a 2024 Ipsos study revealed one in four (24%) people say that income differences with their partner is a source of tension. So, while couples are having these conversations, it’s not a pleasant experience for everyone.
When it comes to frequency, couples discuss finances with their partner an average of nine times a month. The frequency varies by age group, with those aged 25-34 discussing finances the most at nearly 12 times per month, while those aged 45-54 and 55+ discuss finances around seven times monthly.
The most common frequency is once a week (23%), followed by two to three days a week (17%) and once a month (15%).
Geographically, Greater London residents discuss finances the most, averaging 11 times per month, while those in Northern Ireland discuss it the least, at 7 times per month. In all, most Brits are open to having these conversations and actively doing so.
Paula Llewellyn, CMO and Managing Director (Direct) at Legal and General Retail comments:
“At Legal & General we support having open discussions about personal finances. While conversations about money may sometimes be challenging, our findings underscore the importance of open communication and understanding in relationships. Navigating finances together not only strengthens partnerships but also helps ensure a more secure and harmonious future.”