With Valentine’s Day approaching and tax season underway, both love and money are in the air.
Although most couples claim to be well-aligned when it comes to their spending and financial futures, new data shows some partners might want to sit down and have a talk.
Fidelity Investments’ biennial Couples & Money Study released Thursday found that while 9 out of 10 couples said they communicate well, more than 45% admitted privately that they argue with their significant other about finances at least on occasion, and 1 in 4 pointed to money as the greatest challenge in their relationship.
“Navigating finances within a relationship is a journey filled with diverse perspectives and individual priorities. So, it’s not surprising to see so many couples disagree about money,” said Meredith Stoddard, vice president of education at Fidelity. “It really reinforces the importance of and need for open communication.”
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In conducting the study, Fidelity surveyed 1,794 couples (3,588 individuals) 18 years and older in marriages or long-term relationships. Each adult was polled individually, and then the answers were compared with their partner’s to find areas where the couple is – or isn’t – on the same page.
Most partners said they planned to retire around the age of 63, while nearly half of respondents said they expect to work part-time in their golden years. Six in 10 couples share the same vision for retirement, but more than half disagreed on how much money they would need to save in order to achieve their goals.
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The top financial concern (54%) voiced by partners was saving enough money for retirement, and 55% said they have no idea how much they should save by the time they retire in order to maintain their current lifestyle.
“Money discussions aren’t 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,” Stoddard said.
“Openly discussing financial matters helps people feel more confident, more closely aligned and better equipped to take on the future,” she added.
