John good morning. So we don't know what our spouses make. How is this possible?
It's really surprising to us. We surveyed couples and said 'do you communicate well around financial issues?' More than two thirds of them said yes we do, but when we asked a little bit deeper 'what does your partner bring home?' Forty- three percent of the couples we surveyed couldn't correctly identify that number.
So what's keeping us from having these conversations with our spouses?
You know I think there's a couple things. Certainly societally we're taught not to ask what other people make and not to talk about what we make, but when you're in a relationship and you're committed to somebody or married you want to make sure your bringing to the table everything that you make. But also what you're bringing to the table in terms of debt and your spending. You want to make sure that you're communicating around what your shared goals are. You collaborate and you plan together so that you're not working at odds with each other within the relationship.
And then you've got some controls in place where you're monitoring what you're spending and making sure that you continue to contribute to those goals to increase the confidence that you're actually going to achieve them.
So give us some tips. How do we start this conversation?
So we have some resources available at fidelity.com. We have a couples quiz there. I took it, answered nine questions, and emailed the quiz to my wife. She took the same quiz and then we can compare and contrast our answers together. So it's a great way to begin a dialogue where we thought we were pretty good around budgeting and planning for the future, but there still were some open issues that were important for us to get aligned on.
Alright sounds great. Great advice there John Sweeney Fidelity Investments. We appreciate your time this morning. Thanks for being with us. And Eye Opener continues.