Creating a financial plan can seem complicated, especially if you need to take into account your partner’s views, assets, and goals. At times, you might have conflicting ideas about what is “right” and it can be a difficult situation to navigate.
Working with a financial planner as a couple could help you overcome some of the key challenges you might encounter when building a financial plan with a partner.
Challenge 1: Starting money conversations
Talking about money is sometimes seen as a taboo subject. So much so that even talking to your partner about shared finances can feel awkward.
Indeed, according to a March 2024 survey from Aqua, just 24% of Brits discuss finances with their partner frequently. In fact, far more (39%) admitted they don’t talk about money with their partner regularly.
From discussing everyday spending to investing for your future, it’s important to be on the same page, and that’s impossible if you’re not talking about money.
Having a regular meeting as a couple with a financial planner gives you dedicated time to talk about money and get those important conversations started – you might find they come more naturally over time.
Challenge 2: Balancing different priorities
Even if you’re working towards the same overall goal, there might be times when you and your partner have different priorities.
Perhaps you want to put extra money into your pensions so you can retire early, but your partner would rather focus on building a nest egg for your children. Balancing these competing priorities can be challenging and lead to arguments, even though managing your finances well is important to both of you.
A financial plan that’s tailored to you can help you understand the effect of your decisions so you can balance different priorities.
For example, in the above instance, you might calculate if you could still reach your retirement goals if you delayed increasing pension contributions for five years. The outcome may mean you feel more comfortable adding contributions to your child’s savings, knowing that your long-term future is still on track.
Challenge 3: Managing conflicting money habits
Conflicting views on how to use money and spending habits are a major cause of arguments in relationships.
Indeed, an Independent report from March 2025 suggests that 30% of people in relationships are worried that discussing savings or investments will cause arguments. Working with a financial planner could minimise conflicts and ensure you’re both on the same page.
Having a shared goal could reduce conflicting spending habits. Imagine you’re in a relationship where one of you is a “spender” and the other a “saver”.
Having a defined amount that needs to be added to savings or investments each month to reach a defined goal may mean the spender is less likely to overspend. Similarly, the saver may feel more comfortable spending disposable income if they know long-term goals are on track.
Sometimes your financial planner acting as a neutral third party can be useful when you’re discussing differing money habits too. They may be able to highlight where a compromise could be made or demonstrate why one option better supports your lifestyle goals.
The good news is that when you’re working together, you could get more out of your money.
Challenge 4: Bringing together different assets
Understanding how assets may be used to reach your goals can be complicated and when you’re planning with a partner, bringing them together may be a challenge.
For example, you may both be paying into a pension – what income could each provide and is it enough to deliver the lifestyle you want? Should you have individual savings accounts or combine them?
A financial plan can help you get to grips with your assets, understand your options, and make decisions based on your goals.
Equally, many tax allowances and reliefs are individual. So, you might need to consider how to use both your ISA allowance, pension Annual Allowance and more in a way that reflects your circumstances and provides both of you with financial security.
We can work with you and your partner to create a bespoke financial plan
A plan that’s tailored to you and your partner could help both of you feel more confident about the future and ensure you are working towards goals together.
Please get in touch to talk to us about your aspirations and build a financial plan.
Please note:
This blog is for general information only and does not constitute financial advice, which should be based on your individual circumstances. The information is aimed at retail clients only.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.
