Research by Unbiased, the UK’s leading financial advice platform, reveals that nearly half (47%) of advice seekers in a partnership manage the household finances alone as part of a married couple, civil partnership or cohabiting couple.
Of those participants, seven out of 10 (70%) are men and three out of 10 (30%) are women.
The findings suggest that a large proportion of couples are not collaborating when it comes to financial planning, with men being the more dominant partner.
More shared financial planning is vital, as Unbiased research also found that, while men tend to, on average, have more assets for the majority of their lives, this changes at 70, as it flips to £217,000 in favour of women.
With the Great Wealth Transfer now underway, women are set to inherit 70% of global wealth over the next two generations, according to research by Capgemini.
Currently, nearly half (49%) of those in two-adult households share responsibility for financial planning. Only 3% of advice seekers said their partner manages their money for them.
Sharing responsibility for household finances can be beneficial and can include budgeting, saving, investing or estate planning, as it can help with reaching long-term goals and achieving financial security.
Karen Barrett, founder and chief executive of Unbiased, comments:
“It’s concerning to see that so many women are not involved in household financial planning, so it would be great to get more women engaged with their money.
“As more women are expected to build or inherit wealth in the future, it’s important that they build their financial confidence.
“A good first step to building financial confidence is to get involved by helping to manage savings and investments and working with their partner to achieve their long-term goals.
“Beyond planning with a partner, seeking professional financial advice can provide valuable guidance, help identify opportunities to grow and protect wealth, and give peace of mind that plans are on track for the future.”