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We give our top financial tips to help protect your family after you’re gone and to help cope on your own should the time come.
This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.
It’s not a nice thought to dwell on but having a financial contingency plan for if you have to manage on your own is essential.
Our survey* showed only 44% of people share responsibility of the day-to-day finances with their partner. That means if one half of the partnership wasn’t there any more, the other would likely be thrown in at the deep end having to pick up those responsibilities.
Most couples leave financial matters up to one or other of them. Typically, women are more likely to deal with day-to-day finances and men with long-term planning, but in some cases one person will hand everything over for their partner to take charge of.
Splitting the financial chores the same way you split the house work is ok to a degree. But it can get messy if both of you don’t update each other on the day-to-day and long-term aspects of your finances.
Leaving things up to a partner is a particular risk for women. They’re more likely to outlive their partner, and face entirely new and potentially tough financial questions at the worst possible time.
It’s not just the death of a partner either. Some relationships just don’t work out and even if there’s no animosity in the split, sorting out the finances can make an already difficult situation worse.
There are things you can do to prepare for if you end up by yourself. Following these tips could get you in a better position to handle things.
This article is not personal advice. If unsure if an investment or course of action is suitable for you, please ask for advice.
*HL survey, 1461 respondents April 2020
Whether it’s a plan A or plan B, an expert adviser can help you make sense of things. They can help you build a plan or arrange your finances so they’re easier to manage if you end up on your own.
The key is talking to each other. Talking to someone who can take an objective view can often help in making decisions.
Find out what financial advice from HL could do for you and your partner by booking a call with our advisory helpdesk.
Our advisory helpdesk can help you find out:
If you decide advice is right for you, an adviser will be in touch in two working days.
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