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29 June 2018

Discussed retirement income with your partner? No, neither have a quarter of UK couples

2018

Stan Russell,
Senior Business Development Manager

  • Two thirds (67 per cent) of couples have no idea what their combined retirement income will be
  • One in five (21 per cent) have never even disclosed their exact income to their partner
  • Just under three quarters (73 per cent) of couples have not taken advantage of new pension rule changes, despite the majority (90 per cent) knowing about the changes
  • Nearly half (46 per cent) of couples fear they will run out of money in retirement

Nearly a quarter (24 per cent) of couples admit they have never discussed retirement income plans with their partner or spouse. This revelation is one of the findings of Prudential’s latest annual research into the retirement aspirations and financial planning of UK couples aged 40 and over.

One in 14 (seven per cent), say they have had a conversation with their partner but have not discussed it again for over 10 years, pre-credit crisis, where personal finances would have been in a very different situation.

Not only are couples not talking about future financial plans, but they are also keeping quiet about their current financial situations. One in five (21 per cent) admit they have not disclosed their exact income to their partner, and one in six (17 per cent) don’t know what their partner earns.

It all adds up to retirement confusion - two thirds (67 per cent) of couples do not have an approximate figure in mind for a joint annual income when they retire.

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M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.

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M&G plc, incorporated and registered in England and Wales. Registered office: 10 Fenchurch Avenue, London EC3M 5AG. Registered number 11444019. M&G plc is a holding company, some of whose subsidiaries are authorised and regulated, as applicable, by the Prudential Regulation Authority and the Financial Conduct Authority.

M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.

M&G plc は、イングランド及びウェールズで設立・登録。本社登録地は10 Fenchurch Avenue, London EC3M 5AG。登録番号11444019。M&G plcは持ち株会社で、その子会社の一部はPRA(健全性監督機構)及びFCA(金融行為規制機構) に認可され、それらの規制対象となっています。

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M&G plc is a company incorporated and with its principal place of business in England, and its affiliated companies constitute a leading savings and investments business. M&G plc is the direct parent company of The Prudential Assurance Company Limited. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in England and Wales.