Are you afraid to talk about finances with your sweetie? Lots of couples are and according to new research, roughly 40% of American adults who live with their partner don’t even know how much their S.O. earns. Fidelity’s annual“Couples & Money” surveyis out and it reveals some interesting insight into the financial lives of married folks and those in long-term relationships.
The poll of 1,713 couples finds that despite 71% of partners claiming they communicate “very well” with their other half, many are still in the dark when it comes to money. Even when given several options, each with a $25-thousand range, one in 10 participants still couldn’t identify their partner’s salary. Nearly half (44%) of respondents say they argue about money with their S.O. occasionally and one in five say money is the biggest challenge in their relationship.
Shame is one reason people may not be straightforward with their partner about their salary or how much debt they have, explainsShannon McLay, founder and CEO of The Financial Gym. “People are more comfortable getting physically naked with somebody than financially naked,” she says. “We’ve seen couples who have been married for years, who have children, and don’t know about each other’s finances.”