Marriage has historically been one of the greatest tools for establishing a path to financial security. However, a new study indicates that millennial newlyweds may be missing valuable opportunities when it comes to having conversations about money.
According to a new survey by Fidelity Investments, one-third of millennial newlywed couples are unaware of how much money their spouse makes, while one out of seven millennial couples aren’t even sure if their spouse is employed.
The survey also found that more than 40 percent of millennial couples are unable to agree on which age they should retire. Additionally, more than half of the couples surveyed are unable to agree on how much they should have saved up in the bank by the time they reach retirement age.
While millennials have historically been more open about their lifestyles than generations before them, a willingness to discuss money has apparently not been something millennials are comfortable with, according to senior financial advisers from Fidelity.
“Millennials are so open, so we thought they would be different than Xers and Baby Boomers [when it comes to discussing finances],” said Alexandra Taussig, senior vice president of lifetime client engagement at Fidelity. “That is not the case.”
While millennials may be shy about discussing their finances with their spouse, it is important for them to understand that being on the same page financially with one’s spouse is one key to a healthy marriage. Even though a majority of millennials were more likely to say that their spouse had provided them with passwords and login information to access the household finances such as credit cards and investments, women were significantly more likely to report having access to such information than were men.
“Couples may be talking about money in passing, but they are not having those deeper conversations. They are not coming up with a plan to be together on the same page,” Taussig said.
