Wednesday 25th of August 2010
Individual voluntary arrangement (IVA) answers might be useful for British couples who are ready to take full control of their finances and start planning for their retirement.
According to a new study by Prudential, 32 per cent of partners who are aged 40 or over and not yet retired don't know how much their loved one has saved for their post-work life.
In addition, it shows 22 per cent have never broached the subject of financial planning with their loved ones.
Answers on IVAs may, however, offer couples some help if they want to take responsibility for their cash but have serious amounts of debt to get rid of first.
The measure is only available for people who are employed and owe money to three or more creditors, but it may be a wise move for those who want to ensure they're out of the red by the time they finish their career.
Andy Brown, investments director at Prudential, says the figures might mean "millions of UK adults are banking on hope as their core retirement strategy and are approaching what is arguably the most important financial decision without a full understanding of their household financial situation".
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- Worried about raising a family? An IVA could improve your finances
