4 Common Ways Couples Are Not Aligned on Money — How To Navigate Financial Tensions
Written by
Yaël Bizouati-Kennedy
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With Valentine’s Day just days away, love is in the air, but couples might not be as in sync as they would like when it comes to financial matters. A new Fidelity Couples and Money study found that while most respondents feel very good or excellent about their financial health, there is also a key breakdown in communication among couples.
Indeed, the Fidelity study found that 45% of partners said they argue about money at least occasionally, and one in four couples identify money as their greatest relationship challenge.
“It can be challenging to navigate finances within a relationship, especially when you consider the varying perspectives and priorities at play,” said Meredith Stoddard, vice president of education at Fidelity Investments. “So, it’s not surprising to see so many couples identify money as their greatest relationship challenge.”
In turn, many couples are navigating several issues that reveal that they are not aligned on everything and don’t necessarily share the same vision for their financial future.
Nearly nine in 10 couples say they communicate well.
Yet, the reality is that more than one in four partners resent being left out of financial decisions.
Most partners expect to retire around age 63.
Yet, nearly half of respondents anticipate working part-time post-retirement.
Seven in 10 couples share the same vision for retirement.
Yet, more than half do not agree on how much money they need to have saved in order to retire.
The top financial concern for partners is saving enough money for retirement.
Yet, 55% of partners say they have no idea how much they need to save by the time they retire to maintain their current lifestyle.
So, how can couples be better aligned on their financial matters?
According to Stoddard, financial collaboration is key. From starting on a solid financial footing to retirement dreams, couples need to come to the table to communicate more about what’s most important for their future, she said.
“Couples have a major opportunity ahead of them when it comes to communication. Openly discussing financial matters helps them feel more confident and better equipped to take on the future,” she added.
And another key piece of advice: For all couples, the best advice for money conversations is that it’s not a competition, it’s about getting the dialogue going and continuing it over time, added Stoddard.
Other disconnects among couples include that 53% disagree on how much savings is needed to retire, 47% disagree on how much risk they are comfortable taking on in their investments; 36% disagree on how much income their working partner makes; and 34% disagree on their family’s next big saving goal.
And when it comes to what keeps couples up at night, 54% said that their top concern is having enough money for retirement, while 51% said it’s paying for healthcare costs in retirement and 47% said it’s making enough income to live the lifestyle they’ve always dreamed of.
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