Most couples give themselves high marks in communication, yet Fidelity study reveals hidden frustrations in financial future

The spotlight on love and relationships becomes very bright every February as Americans celebrate their commitment to one another and yet, Fidelity Investments 2024 Couples and Money study reveals couples may not be as aligned as they think, with 45% of partners admitting they argue about money at least occasionally.

More than 1 in 4 couples identify money as their greatest relationship challenge.

The good news is more than half of study respondents feel very good or excellent about their financial health and 27% of boomers say building a financial plan together is their love language.

Fidelity’s study, which has been conducted since 2007, is unique in how it surveys couples individually before bringing their answers together to analyze 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 — from balancing bills to paying down debt.

When it comes to the basics of any relationship, couples give themselves high marks with nearly 9 in 10 claiming they communicate well or very well with their partner, showing a promising link to navigating financial success through open communication.

“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.”

Navigating financial tensions, dreams and retirement expectations

While most partners claim to make financial decisions together, 1 in 5 primary decision makers admit to feeling resentful about handling financial matters alone. Additionally, more than a third of couples miss the mark when it comes to how much income their significant other makes; 27% admit to being often frustrated by their partner’s money habits, but say they let it go for the sake of keeping the peace.

Beyond the breakdown in communication, partners express concerns about retirement, emergency savings and living the lifestyle they’ve always dreamed. In addition, Gen Z also shows concern about having enough money to buy a home (57%) and feeling financially secure enough to have and support children (54%).

When it comes to having a vision for retirement, couples are mostly aligned on how they want to be spending their time — with family, friends, traveling, and their hobbies. Still, more than half (53%) of couples who have not yet retired express conflicting views on how much they need to have saved to retire. Furthermore, while most partners expect to retire around age 63, nearly half anticipate at least working part-time post-retirement — perhaps out of necessity, or as some couples choose to pursue new passions in retirement.

Mismatched financial perspectives

The study results show a need for improved communication and shared decision-making to manifest financial harmony within relationships. Among other noteworthy trends, more than a third of couples report disagreements on their upcoming major financial goals. Additionally, women are far more likely to credit their partners with having a better understanding of investing matters with 57% of women indicating their partner is savvier when it comes to these matters, versus themselves (40%).

Communication dynamics: Key to financial success and well-being

The study also reveals that effective communication can be crucial for financial success and well-being for couples. Among other things, those who claim they communicate well are more likely to discuss their finances and anticipate living a comfortable lifestyle in retirement. This is key as retirement income plans and health care costs continue to be top stressors in retirement and a clear plan that couples can align on can help ease any burden. To help couples achieve financial mobility, channel healthy communication and financial harmony, Fidelity has assembled several resources to build a strong financial foundation, including:

The 2024 Fidelity Investments Couples Study analyzes retirement and financial expectations and preparedness among 1,794 couples (3,588 people), using findings from a survey conducted by Ipsos using the probability based KnowledgePanel between Oct. 31, 2023, and Nov. 22, 2023, on behalf of Fidelity Investments.