PROVIDENCE – Nearly 4 in 10 people in relationships don’t know how much money their partner makes, according to a new survey from Fidelity Investments Inc.
Lack of communication was one of the top financial challenges facing couples, according to Fidelity’s 2021 Couples & Money study published on July 15. The annual survey also found disagreements about money to be common – 44% of those surveyed admitted to arguing about money sometimes and 18% identified it as their greatest challenge.
Among those who were not retired, a majority also disagreed on how much they should save for their post-employment life. Women in relationships were particularly likely to be left out of retirement planning, with 22% saying they had little or no involvement.
However, most couples – 60% of those in same-sex relationships and 73% in opposite-sex relationships – say they are joint decision-makers when it comes to planning for retirement.
These findings highlight the need for communication and a “team sport” attitude when it comes to finances, according to Fidelity.
“Money discussions are not always easy, but the fact so many couples feel they are in sync and are comfortable talking about financial topics is encouraging, even if the conversations do occasionally end in disagreement,” said Stacey Watson, senior vice president of life event planning at Fidelity, in a statement. “Openly discussing financial matters helps people feel more confident, more closely aligned and better-equipped to take on the future. For all couples, the best advice for money conversations is that it’s not a competition, so stick with it and keep the dialogue going.”
The survey reflects results from 1,713 couples who were married or in long-term, committed relationships with combined income of at least $75,000 or at least $100,000 in investable assets.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
