Why love shouldn't be blind: The need for joined-up financial advice

New research from LV= reveals how couples across the UK divide financial responsibility and where mismatches in decision-making and expectations could create long-term financial risk.

The findings, unveiled in LV’s latest Wealth and Wellbeing research, show that while many couples aim to share financial decisions fairly, income, family setups and long-term planning can often tell a very different story.

According to LV=, the data highlights opportunities for advisers to support clients with joint financial and retirement planning. As more households balance dual incomes, complex family structures and longer retirements, advisers are well placed to help couples translate good intentions into long‑term financial outcomes.

Nearly half of UK adults (47%) say responsibility for long-term financial decisions is shared equally with their partner. Women are more likely than men to say decisions are balanced (53% vs 41%). However, the data suggests that perceived equality does not always translate into shared understanding or joint planning.

Income plays a significant role in shaping who takes control. Among those earning £100,000 or more, almost half (47%) say they personally carry most of the financial responsibility, compared with a third (33%) of people earning between £25,000 and £99,000. This concentration of responsibility could increase vulnerability if circumstances were to change, such as through ill health, separation or bereavement.

Family structure further influences financial behaviour. Adults without children are more than twice as likely to keep their finances separate than parents with children under 18 (22% vs 9%), suggesting greater financial interdependence once children enter the picture, but also a need for coordinated protection and estate planning.

Despite this interdependence, joint planning doesn’t always happen. Nearly one in five people (18%) expect to rely on their partner’s pension in retirement, and fewer than one in ten (6%) say their partner mostly manages their shared finances. For advisers, this disconnect highlights a potential risk to retirement outcomes where expectations are not supported by formal planning.

LV= claims that the findings point to a broader issue: couples may be making assumptions about shared financial responsibility without the relevant structures, documentation or advice in place to support those assumptions over the long term. This could leave households exposed to shortfalls in retirement income, insufficient protection cover, or unintended outcomes following life events.

Sarah Hills, wealth proposition director at LV=, said: "Money is still one of the hardest topics for couples to talk about honestly, yet it’s one of the most important.

"Couples often believe they are financially aligned, but our research suggests that responsibility and expectations don’t always match. For advisers, this presents an important opportunity to help clients move from informal arrangements to structured, resilient financial plans.

"Income differences and changing family circumstances can quickly alter who is making decisions, and who is exposed to risk. Professional advice plays a critical role in ensuring both partners understand their position, plan jointly where appropriate, and are protected against the unexpected."