When it comes to retirement planning, we all know it’s not a one-size-fits-all journey. Our personal circumstances can play a huge role in how confident we feel about saving for the future.
One aspect that could shape your confidence in your financial future is your relationship status. Whether single, in a long-term partnership, married, or divorced, these factors can shape how people approach retirement and how confident they feel about their financial futures.
My Pension Expert decided to explore this further in our latest research.
The challenges of flying solo
For single savers, the financial pressures of preparing for retirement are particularly pronounced. Over half (56%) of these respondents said that relying solely on their own income and savings makes it harder to build a strong retirement fund.
Without a partner to share living costs, every pound needs to stretch that little bit further. Understandably, this adds stress – 52% admit the financial pressure of saving for retirement alone causes them anxiety.
But single savers aren’t without resolve. Encouragingly, half (51%) say that the responsibility of relying entirely on their own finances motivates them to be more diligent with their savings.
Shared struggles
Those in long-term relationships have their own financial dynamics to navigate. While 58% say having a partner makes them feel more secure about their retirement prospects, this sense of security often comes with a degree of reliance.
Over a third (37%) of partnered savers expect to rely on their partner’s pensions or savings when they retire – an expectation that’s more common among women (41%) than men (32%).
However, this reliance can introduce its own anxieties. Nearly a third (32%) of those in relationships worry that their partner might not be contributing enough to their pension.
This lack of confidence highlights the importance of open, honest conversations about financial goals and contributions to ensure couples are aligned as they work toward a secure retirement.
Regardless of relationship status, financial concerns remain widespread. Only 38% of UK adults overall feel confident they’ll have enough to enjoy a comfortable retirement, while 54% find it challenging to put money aside due to rising household expenses. The growing cost of living means many savers – single and partnered alike – feel stretched when balancing today’s needs with tomorrow’s goals.
Taking control of your retirement
Our research highlights a key point; everyone’s financial journey is unique, and retirement planning should reflect individual circumstances. Whether you’re going it alone or planning alongside a partner, taking stock of your savings and seeking tailored, independent advice is essential to building a secure financial future.
At My Pension Expert, we’re here to help you take control, offering clear, regulated advice so you can feel confident in your retirement strategy.