Will financial discussions soon be the sixth love language?
A new study by Fidelity Investments analyzes how couples talk about their money and finances with one another. Ahead of Valentine’s Day, the 2024 Couples and Money study finds partners may not be as aligned as they think when it comes to discussing their finances, as 45% admit they argue about money at least occasionally, while one-in-five primary decisionmakers confess to feeling resentful about handling financial matters alone.
Another 27% of respondents admit to sometimes feeling frustrated by their partner’s money habits.
These concerns extend to couples’ retirement expectations, as well. While the study found that partners tend to align on how they vision their retirement—77% look forward to relaxing at home and spending time with family while 63% want to travel—53% say they have conflicting views on the amount they’ll need to retire.
Furthermore, while most partners expect to retire around age 63, nearly half believe they’ll have to work at least part-time during retirement. This could be due to the fact that 54% of couples say having enough money for retirement is a top financial concern, while 51% are worried they won’t be able to afford healthcare costs in retirement.
“Money conversations can be daunting for couples, especially when they have competing priorities or different visions for how they should be spending, saving, and investing,” said Meredith Stoddard, vice president, Education at Fidelity Investments. “Open lines of communication are the building blocks to any successful partnership and help people feel more confident, especially as they navigate financial conversations and expectations.”
Different genders and age groups varied on how they communicate finances with their partners: While 27% of Boomers say building a financial plan with their partner is their love language, 57% of women trust their partner in making the financial decisions rather than themselves (40%).
Fidelity study’s stresses the importance of effective communication amongst couples, especially when considering future finances and retirement. According to the study, those who claim they communicate well are more likely to discuss their finances and anticipate living a comfortable lifestyle in retirement.
The 2024 Fidelity Investments Couples Study analyzed retirement and financial expectations and preparedness among 1,794 couples (3,588 individuals). The study surveys couples individually before bringing their answers together to nalyze and identify where couples are doing well with their communication and finances, and where they can focus more attention to make progress on their priorities.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.