LIVING

Couple Finances: Many Don't Know How Much Their Partner Earns

07/10/2015 02:52 EDT | Updated 07/15/2015 12:59 EDT

If you're having a hard time starting the money talk with your significant other, you're not alone.

In the video above by Newsy, we learn about a new study that concludes more than 40 per cent of American couples (who were either married or in long-term committed relationships) don't know how much their partner earns.

The study, which was conducted by Fidelity Investments, found that out of the 43 per cent of couples who incorrectly quoted their partner's income, 10 per cent missed the mark by $25,000 or more.

Not knowing your household income can make planning for the future very difficult, Fidelity's Vice President of Retirement and Investments John Sweeney explained in a press release.

But Fortune reports 60 per cent of people find it difficult to talk about money altogether.

Financial expert Jim Yih says it's important for couples to start talking about finances sooner rather than later. On his website, Retire Happy, Yih provides a list of questions couples should ask each other regarding their finances, preferably before they say I do.

Just don't don't go into the conversation having expectations. "If you learn your spouse’s salary, you can’t reply with 'Well, that’s too low' or 'Great! That’s high.' There is no right or wrong number in a good relationship," a former MoneySense editor explained to Chatelaine.

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