Welsh Couples Talk Money 9 Times a Month—But Is It Enough?

Money is an important topic, but how comfortable are we discussing it in our relationships? Do we openly tackle the ‘awkward’ conversations about splitting bills? And when, if ever, is the right time to open a joint bank account?

Legal & General polled more than 2,000 UK adults in relationships to get their perspective on money matters.

Money talks: but are we listening?

According to the survey, financial discussions are frequent but not always easy. On average, couples in Wales talk about money nine times a month. However, these conversations aren’t always comfortable, as 1 in 4 Brits report tension in their relationship due to income differences.

The most significant challenges couples face include saving for future expenses (13%), managing different spending habits (11%), and dealing with debt and loans (10%).

Younger couples (aged 18-24) are particularly strained, with 23% identifying saving for future expenses as their biggest financial hurdle. In contrast, only 8% of those aged 55 and over share this concern, citing managing finances with their partner (53%) as their biggest challenge.

Regionally, 37% of people in Wales report no challenges with financial planning in their relationships—the highest in the UK. However, this drops to just 17% in Greater London, where couples are the most likely to face financial difficulties in their relationships.

Splitting expenses

Despite rising financial pressures, over a quarter (29%) of UK couples have one partner covering most expenses, a figure that increases to 35% in Plymouth.

In contrast, 55% of couples in Brighton prefer to split expenses equally, a trend particularly strong among younger couples aged 18-24, where 55% favor a 50/50 split, compared to just 36% of those aged 45-54.

In response to these pressures, many couples are pooling their resources. A significant 64% of couples now share a bank account, with 30% merging all their finances and 34% using a joint account specifically for shared expenses like household bills.

Paula Llewellyn, Chief Customer and Strategy Officer at Legal & General Retail comments:

“Our research underscores the crucial role financial discussions play in the strength and stability of relationships. While it’s promising to see many couples embracing financial discussions, it’s clear these conversations aren’t always easy to have. Effective future planning, budgeting strategies, and strong financial management can help build a strong financial partnership.

“At Legal & General, we are committed to supporting couples in navigating their finances. Life insurance is a key part of that future, offering couples peace of mind knowing that their loved ones will be financially protected should the unexpected happen.”

If you are interested in learning more about managing finances with your partner, you can also listen to the Legal & General ‘A Little Bit Richer’ podcast to find out more or visit: https://www.legalandgeneral.com/insurance/life-insurance/money-matters/