You and your partner might have similar ideas about many things, but be poles apart on investments
If you and your partner are thinking about investing money, make sure you don’t opt out of the decision as you may have different priorities and attitudes to risk.
How you invest your money is a personal decision. You might be the type of person who loses sleep every time the FTSE index falls – even if you don’t have any money tied up in the stock market. Or you could be as cool as a cucumber in the face of financial meltdown. Psychologists and financial advisers say that women sometimes opt out of long-term investment decisions if they’re in a relationship - leaving it to the man in their life. But if you have very different ideas about risk, it could be a big mistake.
Over 40% of couples have a joint account, but are there advantages to keeping your money separate?
One money decision couples who live together have to make is whether or not to open a joint account. What are the pros and cons?
Many couples open a joint account when they get married, but among those who live together, it’s less clear-cut. Research by National Savings & Investments shows that 46% of men and 40% of women say they have a joint account with their partner (although some couples have a mix and match approach, with both joint and separate accounts at the same time). A joint account definitely makes the finances simpler, but what about the disadvantages - such as unravelling it if your relationship goes wrong?
A shake-up in the law would mean better rights for couples if they have no will. But will it work?
Around a third of those who die don’t have a will and the Law Commission’s proposals would mean that if you die, your partner could inherit property you leave.
Have you got round to writing your will yet? If not, you’re not alone. Millions of us don’t bother with a will, either because we don’t think we need one or because it all feels a bit too depressing to think about. The problem is that many of those who haven’t drawn up a will think they’ll be better protected by the law than they actually are; particularly couples who live together. At the moment, you’re not automatically entitled to anything if your partner dies without a will. Now the Law Commission is planning to change that. But are the proposals workable?
