Less than a third of couples, 29%, have completely joint finances and one in five, 20%, keep their money completely separately.

The most common approach to managing money is both joint and separate finances at 47%.

The findings have been published by M&G as part of its ‘Untapped Potential of Women’s Wealth’ report. The survey was conducted among couples with investable assets of £150k+ or who anticipate receiving £300k+ inheritance.

The research suggests that women are increasingly taking control of finances with more than half who are in a relationship managing the day-to-day spending, 57%, and investments 50% in their households.

While women have greater ownership over finances, there seems to be a perception that financial advice is still skewed towards men, M&G said, which may explain why trust is one of the greatest barriers for female investors seeking support.

Nearly half, 47%, of women worry about being able to trust the people managing their investments and a third, 33%, worry they would be criticised about past financial decisions if they sought advice.

When considering a relationship with a financial adviser, 92% of women would be more likely to work with someone who listens to and understands their need and 87% want an adviser to give them the confidence to make investment choices, suggesting there is an opportunity for advisers able to empower women.

Women, 43%, are also much more concerned than men, 31%, that they do not have time to actively manage their investments while also juggling careers, families and other responsibilities. As a result, one of the main appeals for women considering working with an adviser is that they will be able to save them time, 76%. Value for money is also key and the majority of women, 92%, would be more likely to work with an adviser if they could prove their fees provide value.

Ross Liston, CEO of advice, M&G said: “Our research suggests that most couples choose not to fully merge their finances.  This approach requires strong communication about money, shared aspirations and most importantly, trust that both partners are working towards the same goals

“Trust is also fundamental when seeking financial advice. Our report reinforces how much investors – particularly women – value advisers who not only understand their ambitions but also provide the guidance and confidence they need to make informed decisions.”

• The research resulted from a survey of 1,002 people conducted by Censuswide on behalf of M&G Wealth , which surveyed the following groups, aged 26 and over with £150,000 or more in investable assets or who expect to receive an inheritance of £300,000 or more, between 31 January and the 11 February: 235 non-advised men; 243 non-advised women; 267 advised men; 257 advised women.