Financial affairs can drive couples on to the rocks

One in four people in Wales are in a financially incompatible relationship, despite more than half saying that financial compatibility is the key to a successful relationship, according to research from Scottish Widows.

According to the survey of couples – both living together, living separately and those who are married – one in 10 (10%) people in Wales wish they had discussed finances earlier in a relationship. More than a third (34%) of divorcees across the UK cited persistent financial worries as a reason they broke up.

The research reveals that financial incompatibility, including a lack of shared financial aspirations and different attitudes to spending and saving, is causing friction in people’s relationships.

In Wales, one in five (20%) people say they wish their partner would save more for their future, more than a third (34%) say their partner’s spending is affecting their ability to save, and one in five (19%) say a lack of shared goals has put a strain on their relationship.

The research suggests that some couples across the UK are unlikely to be open about finances with their partners. The research reveals one in 10 (11%) people do not share salary details with their partner.

Furthermore, more than half (57%) don’t know how much their partner has in their separate personal bank account. In addition, a quarter (25%) of married Brits who have a separate bank account from their partner do so because they like to keep a separate stash of money for themselves.

The research reveals that overall, among generations across the UK, older generations are happy to disclose financial information much sooner than younger people.

When asked at what stage they feel happy discussing finances with their partner, around one in 10 (8%) millennials say they are immediately comfortable talking about money, compared to 34% among the over 55s.

Spending habits may be preventing couples from moving in together. Two-fifths (41%) of Brits who are in a relationship but currently living separately say that their partners’ spending habits are affecting their ability to save.

Catherine Stewart, retirement expert at Scottish Widows, said: “It’s important that couples – at any age – have open and honest conversations about their finances to make sure they have an understanding of their individual longer-term financial goals.”