Did you know that four in 10 people are unaware of how much their partner earns? To top it off. According to a 2021 study by Fidelity titled Couples & Money, one in five women aren’t actively involved in their retirement plans with their spouses. The study surveyed 1,713 couples who are married or are in long-term relationships. The criteria was that they had a collective minimum household income of $75,000 or at least $100,000 in investable assets.
However, the study revealed some surprising results. Although nearly 60 per cent of the participants believe they are joint decision-makers, particularly when it came to their retirement and other long-term financial plans, more than half of couples surveyed disagreed on how much needed to be invested to attaint those goals.
The study also found that same-sex couples are less likely to jointly work on their financial goals. The study revealed that 40 per cent of them admitted that there was only one primary decision-maker when it came to the couple’s retirement plans. For heterosexual couples, 27 per cent admitted to having one primary decision maker for their retirement.
The study also revealed that seven in 10 partners believe they share excellent communication with their partners. However, despite the excellent communication, 40 per cent were unable to identify their partner’s income.
Fidelity also found that while more women have become primary or joint decision-makers in financial planning, they are far more likely to credit their partners with the know-how when it comes to investing. The study revealed that 56 per cent of women said their partners are financially savvier, while just 34 per cent of men shared the same sentiment.
When it comes to working with a financial advisor, 38 per cent of couples revealed that they interact with the advisor together. The study also showed that most women were weighed down by financial and job stress during the pandemic, however, more women were investing in the stock market and were gearing up to save.