herald

Sunday 11 December 2016

Survey finds 43pc of couples don’t know their partner’s annual salary

Many couples have no idea how much their partner earns
Many couples have no idea how much their partner earns

If you don’t know how much your partner earns, you’re not alone. A new study has found 43pc of couples have no idea what their partner’s salary is.

While 72pc of the 1,051 couples surveyed by Fidelity Investments in the US said they felt they “communicate exceptionally” or “very well” with their other half, 43pc of participants failed to correctly identify how much their partner makes.

Another 10pc got their partner’s earnings wrong by €32,000 or more. As well as this, more than half of the couples surveyed had no idea how much money they needed to put aside annually to continue their current lifestyle after they retire.

INCOME

The survey found that Generation X couples, aged in the late 30s to late 40s, are the worst at judging their partner’s income, with 55pc getting it wrong. 

Younger Millennials – those aged under 35 – have simpler finances, and only 34pc of them got the question wrong.

Meanwhile, baby boomers, who are most likely to be winding down their careers as they approach retirement, got it wrong 42pc of the time.

Fidelity’s executive vice president of retirement and investing strategies, John Sweeney said many of the results can be blamed on bad communication.

The results were also put down to people working on a freelance or contract basis and having a large proportion of their earnings tied up in end of year bonuses.

“If gaps exist around basic questions like salary, couples might have other opportunities for improvement on the financial front,” Sweeney said. “We are taught as people to not bring up financial issues, so it’s certainly understandable that people don’t have as much comfort talking about it.”

Promoted articles

Entertainment News