How well do couples communicate on money? – Part 1

A recent research report by Fidelity Investments studied how well couples communicated. The majority (72{030251e622a83165372097b752b1e1477acc3e16319689a4bdeb1497eb0fac93}) said they communicated very well. However, the study found that couples don’t communicate very well at all on finances, and many disagree on investing. The study included a wide range of ages. The couples were either married or in committed relationships. They ranged in age from 25 to retired.

Here is what the study showed:

• 43{030251e622a83165372097b752b1e1477acc3e16319689a4bdeb1497eb0fac93} didn’t know how much their partner earns. 10{030251e622a83165372097b752b1e1477acc3e16319689a4bdeb1497eb0fac93} were off by over $25,000.
• 36{030251e622a83165372097b752b1e1477acc3e16319689a4bdeb1497eb0fac93} don’t know how much they had in investable assets.
• Nearly half had no idea how much they should to save for retirement.
• 60{030251e622a83165372097b752b1e1477acc3e16319689a4bdeb1497eb0fac93} didn’t have any idea how much Social Security would provide for their retirement.

This proves to us that financial planning is very important; especially for achieving peace of mind and helping couples get on the same page about their finances.

We will be exploring this issue in upcoming essays.

If this sounds like you or someone you know, contact Korving & Company.

Korving & Company, the 2015 Suffolk Small Business of the Year is a family owned investment management and financial planning firm. We deliver a very personal level of service to guide, empower and assure our clients that their money is carefully managed to meet their long-term life goals.