Married couples aren’t always open about finances

NORTHAMPTON, Mass. (WWLP) – Forty-three percent of married couples don’t know how much money their spouse makes.

Either they’re not curious, or they don’t share, but many people, including Florence resident Jennifer Friedman, were shocked when they discovered just how many couples are blind to their spouse’s finances. “I think that’s crazy. I don’t know who those people are, but I don’t understand how you make that work. It seems really secretive,” she said.

A new report found both men and women are left in the dark when it comes to their husband or wife’s financial situation. According to Fidelity Insurance, not sharing that information makes saving money and planning for the future nearly impossible.

Many married couples told 22News it’s absolutely critical to know how much money their spouse makes, but Belchertown resident, Heidi Gutekanst said as long as the bills are paid, she doesn’t feel the need to know. “I don’t think I need specific dollar amounts, I just think we need to know we can pay the bills together at the end of the month,” she said.

The report said, in the past two years, there’s also been an increase in the “knowledge gap,” which could be a result of an increase in independent workers, who don’t receive annual salaries. Northampton resident Alan Wolf told 22News regardless, couples in long term relationships should always be up front about finances. “Part of getting into a long-term relationship, however defined, is deciding that together we are going to try to make our way in this world, and not knowing what the other side of that equation is bringing to the table is unfathomable,” he said.

When asked about their spouse’s salary, 10% of people were off by more than $25,000.

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