Two years into our marriage, Jane and I attended a BBQ. Friends were celebrating their child's first birthday and Jane was about six months pregnant.
It was a typical scene involving several thirty-somethings milling around in a garden.
Jane was chatting to a couple she’d just met and it wasn’t long before they asked her the inevitable British question: “So … what do you both do?”
I wasn’t part of the conversation, but I overheard her response: “Tom’s some sort of accountant.”
Later that night, as we walked home, we laughed at her answer. “I’m not an accountant. I’m a financial planner”, I explained.
That moment made me realise that I rarely talked about my work at home—not even to clarify what I did.
But just as all plumbers have leaky taps, at that time, we didn’t have a sound financial plan ourselves.
Sure we had ISAs, pensions and I completed our taxes which completely confused Jane, but together we didn’t have a plan.
Well, I had a plan somewhere in my head for the both of us, but it hadn’t occurred to me to share it or jot it down.
Over the years, I have learned a thing or two about how working together as a couple can create benefits that extend far beyond the numbers.
Plotting numbers in a spreadsheet wasn’t going to motivate Jane to “buy in” to the benefits of financial planning together.
Once I realised she wasn't interested in the numbers, I found lots of things she was interested in, like saving for education, and first deposits—basically opportunities for our children.
That’s when I started to form the process that led to our financial planning service— WealthMap®.
Let’s explore why taking a joint approach to your finances can lead to long-term happiness and financial success, backed by research highlighting the importance of a collaborative effort.
One of the key benefits of planning together is the transparency and trust that it fosters.
According to Fidelity’s 2024 Couples & Money study, 78% of couples who regularly discuss finances report feeling secure about their financial future, with 65% expecting to live comfortably in retirement.
Open conversations about financial goals—whether it’s saving for a home, investing, or managing daily expenses—create a solid foundation where both partners feel informed and involved.
Moreover, research from the Gottman Institute shows that couples who engage in honest conversations about their financial aspirations are more likely to stay aligned on their long-term goals.
In planning meetings with couples, it’s not uncommon for one partner to say “Well, it’s been our lifelong plan to…”, to which the other partner often replies with a frown, a smile and “Well this is the first time I’ve ever heard this!”
Clear communication reduces misunderstandings and creates a shared sense of purpose, which can be vital during moments of financial stress.
Financial stress is one of the leading causes of tension in relationships.
A study by Kelly and colleagues found a clear link between financial strain and lower marital satisfaction.
However, couples who work together on financial goals reported feeling more secure and less anxious.
But financial success isn’t determined by whether you plan with a partner.
We have clients who build successful plans in a variety of ways, whether it's solo, with parents, siblings or couples who prefer to plan separately.
The key is to create a financial vision so there is a clear understanding of the plan and support to work through it, either from a partner or a professional, so that you aren’t left feeling isolated in your financial challenges.
Taking a joint approach not only improves financial well-being but also builds resilience against future challenges, such as debt or unexpected expenses.
Financial literacy plays a significant role in the success of joint financial planning.
Research shows that people with higher financial literacy tend to communicate more effectively about money and are better at setting and achieving their financial goals.
This is where professional financial advice can be invaluable, helping people and couples align their financial visions and work towards agreed upon objectives.
At Barnaby Cecil, we understand the importance of not only creating a financial plan but also ensuring it is one that clients are invested in.
Whether you’re planning for retirement, managing investments, or simply building a budget, working with a dedicated financial planner can help guide these critical conversations and provide clarity on how to achieve your shared or individual financial goals.
Ultimately, the research is clear—couples who plan together tend to experience greater financial stability and emotional wellbeing.
They are couples who communicate better, trust more deeply, and are more confident about their future.
Joint financial planning is about much more than managing money; it’s about creating a shared vision of your life together and ensuring that both partners are equally invested in that journey.
If you and your partner haven’t yet taken the step to plan together, now is the perfect time to start.
Whether you need help aligning your goals or navigating difficult financial conversations, our team at Barnaby Cecil are here to support you in building the foundation for financial success and personal happiness.
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