Couples who plan together have an average of £328 left at end of the month

New research by Hargreaves Lansdown has found that couples who plan together have an average of £328 left at the end of the month , £28 more than those where the one person plans alone and £101 more than those who leave it to their partner.

The analysis shows that couples planning together have £3,145 in savings accounts – almost twice as much as those where one person goes it alone, and almost ten times as much as those whose partner does it all. Whilst couples working together are more likely to be on track with home ownership (44% compared to 36% who say they go it alone and 32% who leave it to a partner).

The data shows that couples also have more in their combined pensions – at an average of £181,717 – compared to those who plan alone at £112,881 and those who leave it to their partner at £125,309.

Helen Morrissey, Head of Retirement Analysis at Hargreaves Lansdown said “Financial planning is going to be a tough sell for a romantic Valentines Day. However, while it may not be as traditional as overpaying for a set meal in an overcrowded restaurant, getting together over a romantic candle-lit spreadsheet could be one of the most rewarding things you do together this side of the tax year end.

“The HL Savings & Resilience Barometer found that those who work together are in a much better financial position overall when it comes to everything, from how much cash they have at the end of the month to savings. They’re also more likely to be on track with life milestones, like home ownership, and to have much more in their combined pensions.

“Planning retirement together is the ultimate long-term commitment and can make a huge difference to what you end up with. Talking through what you want your retirement to look like, and how you can get there together, means you are both working towards the same goal. If you leave it solely in the hands of your partner, you may be in line for a nasty shock at retirement when you realise what they’ve saved will not give you the lifestyle you had hoped for.

“It’s not just that they’re in a better position financially, planning together also means couples are able to take advantage of key tax breaks. At this time of year, working together can save you a significant chunk of tax. If you’re married or in a civil partnership, you can share assets between you and double the amount of money you can make before the taxman takes a slice. It means you can both make use of your dividend allowance and capital gains tax allowance this side of the tax year – and again from 6 April.”