Research reveals that married people not only make a big commitment to each other but also to their finances.
Among those with a pension, people who have walked down the aisle are far more likely to know what to expect income-wise when they retire, compared to those living with their partners or single people.
This is according to research from Standard Life, which showed the figures standing at 53%, 23% and 24% respectively.
Walking down the aisle seems to highlight the importance of keeping tabs on finances in a number of different ways.
Two fifths (41%) of those with a pension who have said ‘I do’ know the value of their combined pension pots, compared to only a quarter (27%) of partners who live together and 25% of people who are single.
Standard Life’s Alistair Hardie said: “Our research suggests that those tying the knot don’t just make an emotional commitment – they are more committed to planning their future finances too.
“Perhaps the whole experience of organising a wedding and starting a life together makes married couples more focused on future goals.”
Are you ready to make a lifetime commitment to your partner but don’t have the funds? If you need some money to finance your big day, a loan for a wedding could be a useful option.
Mr Hardie stressed that whether people are married or not, ensuring they’re on track by reviewing retirement planning is vital to bring peace of mind for the future.
He also suggested that in light of the findings that married people are twice as likely to have three or more pensions (15%) than single people (6%), bringing all the pots together into one pension can give a “clear picture of the total value of pension savings”.
Just as two heads are better than one, sometimes it can be a good idea to bring finances together in a marriage. Taking out joint loans can be a useful and easy option in times of financial need, as combined credit scores can be stronger than that of an individual.
Of course, no such loan should be taken lightly, and as with any form of borrowing it is important that you are able to meet repayments.