Half of couples (46%) are choosing to plan their finances separately despite 65% of advisers reporting that couples were more financially confident when they planned together.
Only a third of people (38%) in long-term relationships have sought financial advice alongside their partner, according to a new report from wealth manager Quilter.
In one in ten relationships (11%), one partner was solely responsible for Financial Planning.
Of those who took a back seat in their household Financial Planning, more than half (57%) did so because they felt their partner understood finances better. Despite this, one in seven (14%) would like to be more involved in their joint financial plan.
For partners who did the majority or entirety of handling household finances, one in six (16%) found it burdensome and 17% wished their partner was more involved in financial decision-making. The same proportion (17%) expressed concern that their partner did not fully understand their shared financial situation.
Megan Rimmer, Chartered Financial Planner at Quilter, said: “Too many couples drift into managing money side by side rather than together, which can leave big decisions unspoken and one partner carrying more of the burden.
“Having a shared plan isn’t just about tax or investments; it’s about agreeing what you want your life to look like and making sure you’re both moving in the same direction.”
Couples were acting independently despite being aware of the long-term benefits of combining their Financial Planning. Two in five (42%) of those in a relationship longer than three years said that managing finances together can make a relationship feel stronger.
Women in long-term relationships were less likely to have a good understanding of their overall household finances (76% compared to 84% of men). Two in five (17%) women said they would not feel confident managing their finances independently if their relationship ended, compared to just 6% of men who felt the same.
The research also showed that more than a third (35%) of people in long-term relationships took financial action they would not have taken alone after speaking to their partner, including investing more (46%), opening a new financial product (42%) and seeking financial advice (35%).
A poll of 37 financial advisers showed that the majority (57%) observed that joint planning resulted in better or more ambitious financial decisions than either partner might have made alone.
• OnePoll surveyed 2,000 UK adults in a relationship for longer than three years in June on behalf of Quilter.