Regular pension contributions considered a ‘green flag’ amongst Brits

Ffion White

by , PR Manager

19 Feb 2024 /  

19
Feb 2024

Couple.

PensionBee, a leading online pension provider, has found that most Brits (59%) consider having a stable income and employment as the most important financial quality when looking for a potential partner.

When asked about their pension specifically, regularly contributing to a pension was valued highly, with the majority of respondents (60%) considering this as an important quality.

  • 85% of females felt that it was important for their partner to be in a stable financial position, compared to 75% of men holding this view.

  • Those at or nearing retirement age (55+) valued “living within their means” as the most important financial quality when looking for a potential partner. This grew in importance in correspondence with age, as this was less important to younger age groups.

  • Only 14% of respondents were interested in their potential or current partner owning their own property.

Becky O’Connor, Director of Public Affairs at PensionBee, commented: “Amid escalating living costs, it’s unsurprising that financial stability ranks highly as a desirable trait in a partner. However, it’s encouraging to see pensions recognised as an important component of one’s financial well-being. Often the importance of long-term savings can be overlooked when considering the broader financial landscape, despite being one of our largest financial assets, second only to homeownership.

As financial priorities evolve with age, it’s important to engage in financial conversations with those close to us to ensure good overall financial health throughout our lifetimes.”

How to start a conversation about money with your partner

Start small: A third of UK adults don’t feel comfortable talking about money with their peers.(1) This may be due to a fear of comparison when sharing your financial situation. By starting small and discussing things like everyday spending and budgeting, you can build up your confidence to explore the bigger things.

Find a safe environment: Timing and your environment are important factors to consider when talking about money management. Make sure you’re in a space where you both feel comfortable so you can express yourselves freely. This may be at home, or out on a walk. It’s important to make sure you’re both in a positive headspace, so consider talking during the weekend rather than a late evening after a stressful day at work.

Be open, honest and non-judgmental: Money can be a sensitive topic, so approach the conversation with empathy and respect for your partner’s feelings and perspectives. Transparency is key to building trust in any relationship, especially when it comes to money. This will help you both understand each other’s financial situations better and make informed decisions together.

Listen actively and communicate effectively: Being able to communicate effectively is the cornerstone of any successful relationship. Pay attention to your partner’s concerns without judging, and be open to any suggestions or concerns they may have. It’s important to keep these conversations ongoing as your financial situation evolves.

Appendix

Table 1: Which of the following financial qualities do you value the most when looking for a potential partner? (Select all that apply).

Question Response (%)
Stable income and employment 59%
Living within their means 48%
Responsible budgeting and saving habits 41%
Transparent about their financial situation 39%
Long-term financial goals and planning 27%
Minimal debt and good credit score 26%
Regularly contributing into a pension 15%
Ownership of property 14%
None of the above 7%

Source: PensionBee, February 2024. 1,000 UK adults (nat rep) surveyed on 14 February 2024. All numbers have been rounded.

Table 2: How important is it to you that your potential partner regularly pays into a pension?

Question Response (%)
Somewhat important 38%
Very important 23%
Neutral 23%
I have never considered this 9%
Not important 7%

Source: PensionBee, February 2024. 1,000 UK adults (nat rep) surveyed on 14 February 2024. All numbers have been rounded.

Table 3: How important is it that your potential partner is in a stable financial position?

Question Response (%)
Somewhat important 45%
Very important 35%
Neutral 14%
Not important 3%
I have never considered this 3%

Source: PensionBee, February 2024. 1,000 UK adults (nat rep) surveyed on 14 February 2024. All numbers have been rounded.

Footnotes

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