Money plays a pivotal role in relationships, but many couples still find financial discussions tricky. A survey by Legal & General sheds light on how UK couples navigate this delicate subject, revealing trends in spending, saving, and the dynamics of sharing financial responsibilities.
Over a quarter (29%) of couples have one partner paying the bulk of household expenses, and on average, it takes around 4.5 years for couples to open a joint bank account. Interestingly, people in Brighton seem to be the most egalitarian, with 55% splitting costs equally – the highest proportion in the country.
Financial challenges and spending habits
Managing money is no small feat in relationships. The biggest hurdles, according to respondents, are saving for future expenses (13%), differing spending habits (11%), and managing debt (10%). These challenges vary by age, with younger couples (18–24) more likely to struggle with saving, while only 8% of over-55s see this as an issue.
Regional differences also come into play. While 37% of people in Wales report no financial challenges in their relationships, only 17% in Greater London can say the same, indicating that finances are more of a sticking point in the capital.
The split: Who pays for what?
Rising living costs mean more couples are pooling their finances. Currently, 64% of UK couples have a joint bank account, but how they use it varies. While 30% combine all their money, 33% keep joint accounts strictly for shared expenses like bills.
As for how expenses are divided, 42% of couples split costs equally. But 29% have one partner handling most of the financial burden, and 25% choose to split bills proportionately to their income. The way these responsibilities are shared also changes across regions. For instance, Brighton leads with 55% of couples opting for a 50/50 split, whereas Plymouth sees 35% of couples where one partner covers the majority of expenses.
Younger couples tend to favour equality in their financial arrangements – 55% of 18–24-year-olds split bills equally, compared to just 36% of those aged 45–54.
How often do couples talk about money?
Money can be a sensitive topic, but most couples are tackling these conversations head-on. The survey found that 81% of respondents feel comfortable discussing finances with their partner. This figure rises to 86% for those over 55, suggesting that comfort with these discussions grows over time.
Yet, money remains a source of tension for some. A 2024 Ipsos study found that one in four people see income differences as a source of friction in their relationship. This highlights that while couples are talking about money, not all conversations are easy.
On average, couples discuss their finances nine times a month, with those aged 25–34 doing so the most – nearly 12 times monthly. In contrast, older couples, aged 45 and over, talk about money less frequently, averaging about seven times a month.
There are also geographic differences in how often couples engage in financial discussions. Those in Greater London lead the charge with 11 conversations per month, while couples in Northern Ireland discuss money just seven times monthly.
The importance of open communication
Despite the complexities of managing money in relationships, most couples seem committed to open dialogue. Legal & General’s chief marketing officer, Paula Llewellyn, said: “At Legal & General, we support having open discussions about personal finances. While conversations about money may sometimes be challenging, our findings underscore the importance of open communication and understanding in relationships. Navigating finances together not only strengthens partnerships but also helps ensure a more secure and harmonious future.”
The data suggests that while financial discussions can be uncomfortable, they are crucial for maintaining a healthy relationship. The key takeaway? Talking about money and doing so regularly is essential for navigating shared financial responsibilities and ensuring a stronger future together.
