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Do you think you and your money honey are on the same page about money? Not only did a new study by Fidelity find that couples are not on the same page, but it also found that they are moving farther apart.
The study finds that 43% of couples surveyed could not correctly identify how much their partner makes, up from 27% in 2013. In addition, 10% were of by more than $25,000 when asked to estimate their partner’s earnings.
“We know couples don’t always agree when it comes to money, but we were surprised how many missed the mark on the question of their partner’s salary,” said John Sweeney, executive vice president of Retirement and Investing Strategies at Fidelity.
“If gaps exist around basic questions like salary, couples might have other opportunities for improvement on the financial front, such as sorting through and tackling important issues together around the next big milestones in their lives,” he adds.
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Salaries weren’t the only area couples where were in the dark. 36% disagreed on the amount of assets they have to invest, and nearly half have no idea how much they need to save to maintain their current lifestyle in retirement.
Fidelity says all couples should make sure they can answer the following 3 questions:
1. What are those next big goals? Work together to identify what you want to achieve in the next 3-5 years, how much you can realistically afford, and make disciplined saving a habit to achieve your dreams.
2. Have you set aside money for an emergency fund? Set aside money for an emergency fund–three to six months’ worth of living expenses.
3. Do you have a shared vision of what your retirement might look like? Talk it over, make sure you are the same page and start planning how you can afford that vision.