20% of over 50s like to have separate bank accounts and only a third know everything about their partner’s finances

New research from Hodge has found more than half (56%) of Brits share finances 50/50, compared to nearly a fifth (19%) who like to have all their finances separate.  

The survey, commissioned by Hodge, asked more than 1000 people over the age of 50 about their attitudes to finances, later life and retirement.   

Nearly a third (32%) of over 50s know everything about their partner’s finance, but 12% would like to know more.

A shocking 4% said they hide savings accounts from their partners, while 2% admitted to having debt their partners didn’t know about.

When it comes to sharing financial responsibilities, it seems life partners are also money partners, as 64% said they share financial responsibilities, including money decisions. But 20% also admitted only one half of the couple takes responsibility for the household finances, with the other partner having no clue what they spend their money on.  

Nearly a fifth (19%) of those surveyed also said they don’t like to have everything in joint accounts, and like to have some money separate to their partners, with only 5% saying they think it’s wrong to keep money separate from their other half.

Emma Graham, business development director for Hodge Bank, said of the results: “These survey results are a really interesting insight into the financial workings of couples over 50. It seems the days of one partner looking after all of the money are gone and now the responsibility is, more often than not, shared out equally between a couple.

“What I do find really surprising is that 4% are hiding pots of money from their other halves, with 2% admitting to hiding debt too. That is worrying as debt can have a big effect on joint mortgage and credit applications.

“Another interesting statistic is 6% of those we asked said that one partner takes the charge of big decisions such as mortgages and loans, while the other deals with day-to-day money issues. Again, this is slightly concerning as many of those big decisions will affect the couple’s retirement plans and really should be made by both.”

Emma added: “What is clear is that when it comes to money and the over 50s, it is mostly a level playing field, with equal knowledge, equal responsibility and equal decision making. Hopefully creating a harmonious later life.”

For more information about Hodge later life products, visit https://hodgebank.co.uk/intermediaries/

ENDS

Notes to editors

For more information please contact:

Kath Chadwick or Lynsey Walden at Front Door Communications on [email protected]/[email protected] and 029 20 020360.

About Hodge:

Hodge is an independently owned group based in Cardiff, offering a range of personal mortgage products, savings products to private and commercial clients, as well as lending to commercial clients nationwide.

Over 85,000 customers across the UK trust Hodge to support them because of its years of expertise and knowledge in the markets it serves. Hodge design products with customers in mind, keeping things simple and straightforward.

The Hodge Foundation, a charity supporting the welfare, medical, academic and educational areas own 79% of Hodge.

More information can be found on the website www.hodgebank.co.uk.

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