Samantha Seaton, chief executive of Moneyhub, agrees. “It’s inevitable that financial worries will crop up at some point. Being open about money with your other half and making a plan together will help to avoid any financial shocks in the future,” she says.
The biggest problems stem from a lack of shared financial aspirations and different attitudes to spending and saving.
But the first shock for many young romantics is the huge expense of a wedding. With the average cost of the big day estimated to be above £27,000, according to Hitched, it’s not surprising that more people than ever are resorting to borrowing funds to help to cover the cost.
MoneySupermarket says the number of people taking out a wedding loan has climbed by 11% in the last year.
And Londoners once again are left counting the cost more than most. Couples in the capital borrow £10,774 for their wedding, compared with the national average of £8,462.
But there is some good news. The tax advantages of being married mean tying the knot could leave you more than £190,000 better off – even after taking into account the cost of the wedding, reckons Sarah Coles of Hargreaves Lansdown. To achieve that, you’ll need to be married for 50 years and make the most of inheritance tax and other financial opportunities.
You can find out more by talking to an independent financial adviser who can explain about such things as sharing personal allowances and making the most of capital gains tax.
But if things don’t work out, the position changes dramatically, Coles warns: “Once you introduce a divorce and possibly a remarriage into the proceedings, then you’re looking at a significant financial loss.”
That underlines the importance of couples talking about money before spending a small fortune on their relationship.
