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Champagne and roses aren’t the only things to spend on Valentine’s Day this year, according to a new study.
Fidelity Investments found that finances create a point of contention among couples when it comes to spending and saving, especially when it comes to emergency funds and retirement planning.
FOX Business takes a closer look at the numbers.
Money and relationship issues
- More than 1 in 4 couples consider money to be their greatest asset Human relationship issuesand 45% of partners admit to arguing about money at least sometimes.
- More than half of respondents feel their financial health is very good or excellent, and 27% of baby boomers claim that planning their finances is their “love affair.” I am.
- More than a third of couples miss the mark when it comes to their partner’s income. And women are much more likely to believe their partners have a better understanding of investment issues.
- Couples disagree about how much money they need in retirement, with partners expressing concerns about retirement, emergency savings, and living the lifestyle they’ve always dreamed of.
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Commitment to love and money
The findings show that 25% of couples And 45% of partners admit to fighting about money.
“Almost all couples say they generally communicate well, if not very well,” said Meredith Stoddard, vice president of education at Fidelity Investments in Boston. . “However, fissures are emerging in the fiscal debate, particularly around debt and transparency.”
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The survey found that one-third of respondents said they were worried about repaying their debts, and nearly one in four didn’t know about their partner’s financial situation until they were in a serious, long-term relationship. It is claimed that
“Furthermore, nearly half (46%) of respondents say they feel more stressed about their financial situation today than in recent years,” Stoddard added.
If a couple plans to be together long-term, they should review their finances and work together to create a budget. (license/image)
Stoddard said that while most couples are confident that their partner can take on financial responsibilities, there is still work to be done to close the trust gap between men and women. Interestingly, she noted that while couples are generally more united when it comes to managing money, men are more confident in their abilities, especially when it comes to investing.
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For baby boomers, it’s a love story. Stoddard also said baby boomers especially benefit from time.
“Time at the market and time together as a couple,” Stoddard continued. “They are likely to have experienced more trials and triumphs throughout their relationship than other couples. It’s most noticeable when you feel ready.”
The survey also found that feeling financially prepared for retirement varies significantly by age and generation, with older generations far more likely to feel financially prepared and baby boomers They also said that only 26% of Gen Zers said that, compared to 84% of Gen Zers.
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active couple with bikes (license/image)
Stoddard said the research shows that most couples agree on their retirement vision, but many disagree on how they expect to get there. Is not …
“It’s important to discuss planning matters, such as where you plan to live and what you want to spend your time doing when you retire,” she said. “It’s really important to have open and honest conversations about your expectations around money management, your expectations around care, and how you envision your life.”
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Tips to save, spend less, and plan for retirement
1. don’t assume. Stoddard said you shouldn’t assume that someone knows more about a particular financial topic just because they’ve covered that aspect in the past.
“Also, don’t think you have to stick to your old role in a relationship,” she warned. Couples need to constantly check in with each other, communicate, and feel empowered to take on new or different responsibilities in the home, she said.
2. Communicate sooner rather than later. If you have financial issues that you’re afraid to talk about, Stoddard recommends talking about them early.
“You have no idea how much time and emotional energy you’ll get back by being open as a couple and dealing with the situation together,” she said.
3. listen as much as you talk. Be sure to take the time to listen to your partner and understand why they feel a certain way about certain things, says Stoddard.
“Listening and understanding each other is a fundamental part of any relationship, but it’s critical to adjusting how you work together as a couple,” she explained.
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These findings are part of the 2024 Fidelity Investments Couples and Money Study, which provides insight into the state of couples and how they manage their finances and financial goals. .
