UK cohabitees have greater financial risk, as confusion reigns over legal and benefit entitlements
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- Half (51%) of cohabitees think government benefits are biased in favour of married couples
- But confusion persists among cohabitees around their legal entitlements: nearly one in five (19%) wrongly believe they are eligible for bereavement benefit
- Over a third (36%) do not know that the Marriage Allowance exists
- A third (33%) of cohabitees have not yet named the beneficiary of their pension
- Cohabitees’ finances are in poorer health than married couples, with lower incomes and less savings
- Three quarters (74%) of cohabitees do not have a will and 64% have no life insurance
- One in ten (10%) cohabitees also admit to only being with their partner as they cannot afford to separate
Nearly two million UK cohabitees (51%) say government policies are weighted in favour of married couples, but many are still confused about the financial risks they are running, Aviva’s Family Finances research shows.
Measures such as the Marriage Allowance and Inheritance and Capital Gains Tax breaks are per...
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