Over half (51 per cent) of households where partners take decisions together are on track for a moderate retirement income, compared to 42 per cent of savers who said they did it on their own, research from Hargreaves Lansdown has revealed.

The firm pointed out that this figure is also higher than the average for those households where key decisions are left to one person, with to 45.5 per cent of those who said their partner made the decision on track for a moderate retirement.

Hargreaves Lansdown's Savings and Resilience Barometer also showed that almost one in five (18 per cent) households who take decisions together were on track for a better retirement and were classed as ‘comfortable', compared to 15 per cent households overall.

Hargreaves Lansdown head of retirement analysis, Helen Morrissey, highlighted the findings as demonstration that, "when it comes to financial decision making, two heads are better than one", emphasising the need for couples to plan together.

She stated: "Looking at these figures it is easier for a couple to hit these standards than their single peers, but it helps if you plan together.

“Talking through retirement decisions as a couple can prove hugely useful. Having an open and honest conversation with your partner enables you to have an overarching view of your finances and know which gaps need to be plugged.

"You can find out what each person’s expectations for retirement are and make a plan that suits you both. Leaving big financial decisions to one partner often means the other one is left in the dark about what decisions have been taken and when.

"This can leave one partner severely disadvantaged in the event of the relationship ending or they may struggle to know what planning has been made should one partner die unexpectedly.

“When planning for retirement together it is hugely important not to neglect one partner’s pension planning at the expense of the other.

"One partner’s pension provision may be very generous and enough to keep you both in a good standard of living but if you and your partner split up then one person – often the woman - can find themselves approaching retirement with little, if any, pension provision.

"Helping both partners to build up their pensions means both partners continue to benefit if they remain together while giving them a valuable income safeguard should they split up.”

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