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Couples miss savings by living financially separate lives

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Couples could save over £350 a year by merging their finances, according to new research.

Co-habiting couples are the fastest growing family type in the UK yet over half of households (57%) are missing out on savings by failing to consolidate their finances with family discounted products, the report by Aviva found.

The survey of over 2,000 UK adults found that couples living together without children are the least likely to take out multi-person policies, with only 27% of couples taking advantage of available discounts.

Families who live together, but financially apart are missing out on savings of up to 30% on multi-person policies and services such as multi-car insurance, family railcards and mobile phone contracts.

Big life events such as getting married and having children appear to be prime triggers for families to review their finances and take stock of savings available, with people who have tied the knot most likely to be using the cost-saving policies, the report said.

According to the research, the biggest savings to be had by taking out a joint/multi-person policy are for car and van insurance – where savings are on average £84 per year – and family railcards, with which families can save up to £99 per year.

Mobile phone contracts and sports membership are the areas where people were least likely to claim group discounts – only 22% of people surveyed had joint mobile phone contacts and just 29% had joint gym contracts.

Heather Smith, director of marketing at Aviva said:
“At a time when many families are feeling the squeeze, reviewing finances across the household and consolidating spending to make the most of multi-person discounts could be a simple and effective way to save money.”

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