Love is in… your joint financial plan – Top tips from RBC Brewin Dolphin this Valentine’s Day

We’ve all heard the line, ‘money doesn’t matter,’ thrown around when it comes to relationship advice. In reality, financial compatibility can have a huge impact on your happiness and the success of your relationships.

Last year, RBC Brewin Dolphin, surveyed over 2,000 people¹ in relationships across the UK on their attitudes towards their shared finances. Key findings included:

• Around two thirds (67%) said they did not have a financial plan in place for themselves if their relationship ended.
• Nearly two fifths (38%) said that they only discuss finances with their partner when a specific issue arises.

This year, Shaz Bishop, Wealth Manager at RBC Brewin Dolphin, shares her three top tips for couples this Valentine’s Day to better manage their finances together.

1. Maintain some independence:

 Many couples choose to combine their savings plan with their partner which can make it easier to build up a bigger pot, potentially giving you greater buying power and a healthier combined financial position.

When building any financial plan with our clients, we think about potential risks that might impact that plan. If you’re currently engaged in a shared savings strategy with your partner, you should also consider the ways in which you can protect your own finances as an individual too.

As a start, it is recommended to build a savings buffer to cover six months of essential expenditure as an ‘emergency fund’, and consider the use of tax efficient allowances, including ISAs and pensions, as appropriate. It’s also important to consider whose name assets and savings are in, especially if you are not married or in a civil partnership, so that assets can be split as accurately as possible in the future, if needed.

2. Have regular, honest check ins:

 While some couples avoid money conversations, these very discussions hold the key to financial peace in a relationship. Couples need to push past uncomfortable feelings around money talk and should plan to have regular discussions about how you can both approach saving, spending, and planning for the future.

If you’re unsure on how to bring up the topic of money, you could make it a reoccurring meeting in your shared calendar app and bring an agenda along with you. Why not also include all your other housekeeping priorities. You could even assign who manages which bills, monitors investments and pays off which credit cards. Just as you would divvy up who takes the bins out and who does the washing up – whatever works for you!

¹Find out Now surveyed over 2000 people in January 2025

3. Create a budget and savings plan:

For that first meeting, you should consider disclosing shared income, debts and other individual outgoings and spending habits. From there, you can work out what your shared short-term and long-term saving goals are, such as that big holiday you’ve been dreaming of, buying property or having children.

If you and your partner earn around the same amount, these conversations are sometimes simpler. If not, think about what is proportionate to both of your circumstances and ensure that your individual wealth plan is on track too. Building an agreed budget with income, expenses and savings goals can keep you on the same page in the long run and help you understand your joint and individual saving rate.

Disclaimers

The value of investments can fall and you may get back less than you invested. This does not constitute tax or legal advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. You should always check the tax implications with an accountant or tax specialist. Information is provided only as an example and is not a recommendation to pursue a particular strategy. Information contained in this document is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.

-ENDS-

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PRESS INFORMATION

For further information, please contact:

Georgia Embrey: Georgia.embrey@rbc.com / Tel: +44 (0)7704 667 842

Payal Nair: payal.nair@brewin.co.uk / Tel: +44 (0) 20 3201 3342

NOTES TO EDITORS

About RBC Brewin Dolphin

RBC Brewin Dolphin is one of the UK and Ireland’s leading wealth managers and traces its origins back to 1762. It offers award-winning, bespoke wealth management services, including discretionary investment management and financial planning.

RBC Brewin Dolphin’s expert investment managers and financial planners are based in over 30 offices across the UK, Jersey and Republic of Ireland, with a commitment to high standards of client service, long-term thinking and strong industry knowledge.

As part of Royal Bank of Canada, RBC Brewin Dolphin is now able to draw on the strength of a global financial institution to enhance the services it provides to its clients and to drive further innovation across the business.

Disclaimers

The value of investments can fall and you may get back less than you invested.

RBC Brewin Dolphin is a trading name of RBC Europe Limited. RBC Europe Limited is registered in England and Wales No. 995939. Registered Address: 100 Bishopsgate, London EC2N 4AA. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.   
® / ™ Trademark(s) of Royal Bank of Canada. Used under licence.

About RBC

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