Couples have trouble talking about money. In fact, the problem is so severe that a large proportion of couples admit they cannot even come close to saying how much their partners make for a living, according to Fidelity Investments.

The information gap shows that many couples need help navigating the challenges of their shared financial lives, Fidelity said in its "2021 Couples & Money Study,” released Thursday.

“The good news from the study is that most couples (71%) feel they are communicating well, which results in their raising their financial health and makes finances less of a challenge,” said Stacey Watson, Fidelity's senior vice president of life event planning, in an interview Thursday. “In addition, more women are getting involved in both short-term and long-term planning. That is encouraging.”

But there are still communication problems between partners when it comes to discussing their earnings, spending and saving. Thirty-nine percent of the 1,713 couples Fidelity surveyed could not say how much their partners make, the study found. When asked to guess, 9% of the respondents were off by more than $25,000, Fidelity said.

In addition, Watson said, “half of the couples were not aligned on how much they will need to retire. Those two data points show there is an opportunity for more communication.” If couples communicate more, “they are more likely to reach their goals and they are less likely to argue about money.”

Nearly half of all couples disagreed on the age they expect to retire, and “52% confessed they do not know how much they need to have saved to maintain their current lifestyle once they leave the workforce,” the study said. How to afford healthcare expenses in retirement is by far the biggest concern for all generations.

Only 57% of respondents said they are joint decision makers when it comes to retirement and long-term planning.

Fidelity advised that couples need to make finances “a team sport.” “Make a plan to talk about finances on a regular basis,” Watson said.

“Money discussions are not always easy, but the fact so many couples feel they are in sync and are comfortable talking about financial topics is encouraging, even if the conversations do occasionally end in disagreement,” Watson said in a statement.

Fidelity points out that one out of four millennials identify money as their greatest relationship challenge, a higher rate than other generations.

“This is an area where a financial professional can be an asset, and, compared to other generations, it’s the preference of many millennials,” Fidelity said. This year, 47% of couples currently working with an advisor agreed they hired their financial professional together, up from 45% in 2018, the study said. However, only 38% of couples agreed they interact with their financial professional together, with men more likely to say they take a lead role in the relationship. Twenty-two percent of women said they have little or no involvement in retirement planning.

A financial professional can be an objective third party who “can create the right conditions for couples to have the needed conversations,” Watson said.

There is more agreement among couples about what they want to do when they retire. “Most said there is no place like home, with six in 10 of all couples planning to remain in their own state when they retire, a trend that has increased steadily since 2015. During retirement, the top objectives are to spend time with family and friends, followed by relaxing at home and taking it easy. Travel, which had previously been at the top of many [couples’] retirement list in 2018, fell to the third spot, perhaps influenced by the events of the past year,” Fidelity said.

Forty-four percent admit to arguing about money at least occasionally and nearly one couple in five identify money as their greatest relationship challenge, “suggesting for many couples, a bit more practice is necessary before they go for the gold when it comes to financial bliss,” Fidelity said. “When it comes to communicating as a couple, the events of the past year have driven a third of couples to talk more about both day-to-day and long-term financial planning.’

The hardest subjects to approach are debt management, careers, and wills and estate planning, the study said. Fidelity said it is surprising that the percentage of couples who said they discuss their finances at least monthly declined in 2020 to 61% from 65% in 2018. The survey has been fielded since 2007.

For day-to-day finances and short-term goals, almost half of respondents had complete confidence in either their own ability to take over decisions or their spouse’s ability to make decisions. However, the study found only four in 10 said their spouses were as capable as they were in taking full control of retirement finances and strategy.

As in years past, the study continued to see women sometimes taking a back seat or doubting their abilities for managing longer-term planning and investing, the study found. While more women are taking part in planning as either a primary or joint decision-maker, women are still far more likely to credit their partners with having a better understanding of investing matters, with 56% of women indicating their partner is savvier. In comparison, only 34% of men say the same.

“The good news is over the last few years—this past year in particular—Fidelity has seen a seismic shift in women seeking out greater knowledge about investing and getting more engaged in planning for longer-term goals,” said Watson. “We know when women do invest, they see positive results that can help reach their goals faster, so building on this and encouraging active participation in household investing decisions can help both partners feel more confident about the future.”