Couples have been urged to share information with their partners about how much money they have in their pension following findings that 38 per cent of Brits in relationships are unaware of their partner’s pension size.

According to research commissioned by Interactive Investor and conducted by Opinium, 14 per cent of people in relationships ‘definitely know’ and 31 per cent ‘know roughly’ how much is in their partner’s pension.

Couples aged 55 and over were the age cohort most likely to know how much was in their partner’s pot, with 55 per cent aware of their partner’s pension size.

Just under half (43 per cent) of 18 to 34 year olds shared pension size information, compared to 34 per cent of people aged between 35 and 54.

People in London (58 per cent), the North West (50 per cent) and the South East (50 per cent) were the most likely to say they know how much their partner’s pensions were worth, while those in Scotland (37 per cent), the South West (37 per cent) and Yorkshire & Humberside (39 per cent) were least likely to say they knew.

The survey also found that only 11 per cent of couples talked about pensions one a month, while 19 per cent never talked about their pensions.

“If there is one thing worth airing this Valentine’s Day, it is pension pot size,” said Interactive Investor head of pensions and savings, Becky O’Connor.

“Pension wealth can rival property wealth when it comes to assets shared between couples. We talk about property values constantly – with family, friends, neighbours and our other halves, so why not at least share the important detail of our pension size with our partner?
 
“This has a serious side. Not being aware of how much is in each other’s pensions can affect your ability to make financial plans. At worst, not sharing this information could lead to difficulty in retirement (or even resentments), for example if one person’s pension pot falls short.

“If you’ve both been financially independent during your working lives, it could also be a shock if you suddenly find you are dependent on your partner to help supplement your retirement pot.

“On divorce, how to split assets including the pension is always an important matter, but the value of a pension is often misunderstood as couples, often wrongly, focus on splitting property.”

Share Story: