Over a quarter of all couples in the UK do not discuss their pensions and later life plans with their loved ones.
25% of respondents have failed to discuss their later life plans or pension pot with their partners and 17% have failed to ever have a formal conversation about planning their finances for later life.
Worryingly, 76% of over-55s do not have a clear idea of how much they have accumulated and do not have a figure in mind by the time they retire.
The results suggest that more people should be talking and formally planning for later life. The survey suggests that 73% of the UK do not speak about financial planning with their children and parents.
Furthermore, 64% of couples, over the age of 55-years-old, have failed to seek advice on their retirement
Mike Morrow, Wealth and Platform Director at Openwork, 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.”
