By Carol Church, Writer, Family Album
Reviewed by Suzanna Smith, PhD, Department of Family, Youth, and Community Sciences, University of Florida, and Michael Gutter, PhD, Department of Family, Youth, and Community Sciences, University of Florida
The so-called Great Recession of 2007-2009 was devastating to millions around the world, from huge financial corporations that went belly-up to individual families who experienced job loss, foreclosure, and bankruptcy. Financial stress and, especially, disagreement about how to handle money problems are well-known to be destructive to marriages and a major leading cause of divorce. While these issues are an important subject, it’s also interesting to turn it around and ask: how do happy couples handle their finances?
A 2010 study in the Journal of Family and Economic Issues focused on couples who reported having great marriages to see if any patterns could be discerned about how they dealt with their finances on a day-to-day basis. The couples completed questionnaires that covered who managed their money, how they handled and viewed debt, and how they coped with any conflicts that arose about money.
In the majority of the happy couples, one partner generally managed and handled the finances. It didn’t matter which partner it was, but usually the money manager volunteered for the task because he or she enjoyed it more, had more time for it, or had more skill or expertise in the subject.
When it came to debt, the majority of the happy couples said they either intentionally carried very little debt or were focused on paying debt off quickly. Since other studies have established that debt is corrosive to marriages, this finding makes a lot of sense. Interestingly, most of the couples also reported having a strong emphasis on frugality and on living within their means.
Finally, these partners tended to report that they had high levels of trust in each other and excellent communication within their marriages. Of course, trust and good communication don’t just magically appear in relationships. For this reason, the study’s authors recommend that marital counseling go hand in hand with financial counseling to better help couples who are struggling with money within their marriages.
Further Reading
Money and Marriage: Saving for Future Use–from UF-IFAS EDIS
Money and Marriage: Making Financial Plans Together –from UF-IFAS EDIS
Reference:
Skogrand, L., Johnson, A. C., Horrocks, A. M., & DeFrain, J. (2010). Financial management practices of couples with great marriages. Journal of Family and Economic Issues, 1 April 2010. http://dx.doi.org/10.1007/s10834-010-9195-2
(Originally published in a slightly different form as: Church, C. (2010). How do happy couples manage their money? [Radio broadcast episode]. Family Album Radio. Gainesville, FL: University of Florida.)
0
