Brits don't trust their partners’ advice on money and investing
While nearly half of Britons (48%) consult their partners when making an investment decision, only a fifth actually act on their partner’s advice, new research has revealed.
It seems they put their trust in expert advice when it comes to money matters, a Barclays (BARC.L) report found.
“The value we attribute to expert advice when it comes to investments shouldn’t be underestimated – Brits even say it is more important to seek the expert advice of a financial professional than that of a healthcare professional,” the report pointed out.
When asked by Barclays which type of decisions it was essential to get expert support on, nearly half (44%) of Brits said investments, with 41% saying health and 35% saying decisions related to saving money.
When asked what financial issues they want to speak to experts about, investing tops the list, followed by mortgages and insurance.
77% said they would seek expert advice on how to invest in the stock market, 69% said they would do so when deciding what mortgage to choose, and 48% of respondents said they would look to experts for which insurance policy to take out.
READ MORE: Silver prices plunge after hitting eight-year high
Clare Francis, director of Barclays Plan & Invest, noted that “while we tend to lean on our partners for emotional support in most aspects of our life, relying solely on their advice when it comes to money and investments can be a little more nerve-wracking.
“Thankfully there’s no such thing as ‘either or’ when it comes to advice – however you decide to invest, it’s important to speak to those around you just as much as the experts when it comes to planning for your future,” she said.
“A bit of expert support can go a long way in boosting your confidence,” she added.
For couples who want to start investing with their partner, Francis said it is important they understand each other’s priorities
She recommends having a chat about how much couples want to invest and what goals they are investing for, such as children’s education or a future home.
It is also important to assess the level of risk both parties are comfortable taking, and what returns they are hoping to generate. Many couples choose to invest separately for this reason.
She said it is also important to regularly commit to one’s investment pot, start sooner rather than later and keep a long-term perspective: “The value of your investments will inevitably rise and fall over time and, whilst you’ll hopefully ride out any market lows and benefit over the long term, there is always some risk that your investment could lose money.”
WATCH: What are the risks of investing in cryptocurrency?