Valentine's Day may typically be a time to celebrate the romance and love in the world, but the financial services industry has been quick to use the opportunity to shine a spotlight on the benefits of showing pension savings some extra attention.

Research from Hargreaves Lansdown, for instance, highlighted the benefits of working as a couple to plan for retirement, with head of retirement analysis, Helen Morrissey, arguing that this can "pay off in a big way when it comes to boosting financial resilience in later life".

In particular, Hargreaves Lansdown's Savings and Resilience Barometer showed that 30 per cent or households where couples plan together are more resilient in retirement, compared to 22 per cent of households where the decision is left to one partner.

In addition to this, almost a quarter of households where couples plan together scored ‘good’ on their later life financial resilience, compared to 17 per cent where one person makes the decisions.

However, industry research also exposed the flipside of this, as research from Phoenix Group warned that the financial cost of being single can make saving for retirement more difficult, particularly for those who live alone and pay living costs from one income.

Indeed, research from the group found that 45 per cent of UK adults in midlife (45-54 years) felt that retirement planning is easier in a long-term relationship, while 16 per cent disagreed.

In addition to this, 48 per cent of those aged 45-54 and in a relationship are regularly saving for retirement, compared to 37 per cent for singles.

Research from Interactive Investor raised similar concerns, revealing that single people currently need £187,000 more in their pension pot than those in a couple to achieve a moderately comfortable retirement, based on the latest Pensions and Lifetime Savings Association's retirement living standards.

This is an issue that seems likely to worsen in future, as the research found that, in 40 years, by the time today’s young people retire, this gap will have

“With the cost of living rising, a huge gulf is opening between couples and those who are single in retirement, with single people currently needing around £187,000 more in their pension pot to achieve a moderately comfortable retirement," Interactive Investor head of pensions and savings, Alice Guy, commented.

“The cost of being single is often underestimated and can be a double whammy, making it harder to save and increasing daily living costs so that people need a bigger pension pot for the same standard of living in retirement."

And despite the benefits of planning in a relationship, Guy emphasised that even if you’re part of a couple, it’s worth building your own pension wealth and not completely relying on your partner, not least because your circumstances could change.

“Life is also unpredictable and it’s common for people’s circumstances to change, with many becoming single before or during retirement," she stated.

"Many people are widowed and others end up unexpectedly single due to divorce or separation. That means you could end up needing more in retirement to pay the bills."

This was echoed by Morrissey, who clarified that "planning together for later life doesn’t mean relying on one person’s pension".

"It can be tempting to do this if your partner has generous provision, but neglecting your own pension leaves you at risk should the relationship break down," she added. “You could find yourself approaching retirement with very little."

But small changes can help, as industry research also highlighted the benefits that showing your pension some love can have, with analysis from Standard Life revealing that a 2 per cent increase in contributions could leave savers £108,000 better off in retirement.

Standard Life managing director for customer, Dean Butler, said: “This Valentine’s Day, if your finances and circumstances allow, show your future self some love by boosting your pension contributions.

“It’s amazing to see how a relatively small increase in contributions can significantly boost the pension you retire on by tens of thousands of pounds. While pension payments may not be the top priority when you begin your career, or when finances are squeezed, it will pay off in future.”

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