‘All my worldly goods I share with you’? Managing money at the transition to heterosexual marriage

Studies in the 1980s and 1990s revealed that financial arrangements in marriage tended to disadvantage women, especially those with young children. However, much of that research focused upon relatively well‐established married (or remarried) couples, and we have little insight into the choices that today's newly‐weds are making, or what influences their choices. To address this gap in our understanding, in‐depth, semi‐structured interviews were conducted with forty‐two heterosexual couples on the brink of their first marriage. We explored their monetary practices and the way that they thought about money in the relationship. The results of a grounded theory analysis showed that six couples were pooling all or most of their money, fifteen were using a partial‐pooling system, twenty were using an independent management system (with separate accounts), and one couple had an arrangement where all the money was controlled and managed by one partner. A key factor was perceived ownership of money, and this influenced the extent to which finances were being merged and treated as a collective resource. Other factors included the couple's current living arrangements and beliefs about the importance of sharing and independence within the relationship.     

Living Apart Together and Money: New Partnerships,Traditional Gender Roles

Drawing on qualitative interview data from a sample of 54 men and women engaged in living apart together (LAT) partnerships in Belgium (Flanders), this study explored the organization and exchange of money in LAT arrangements. The data showed that the heterogeneity of LAT partnerships is reflected in couples' monetary behavior, with couples who foresee cohabitation (transitional LATs) showing more marriage‐like exchanges of financial support than those who perceive living apart together as a more permanent arrangement (permanent LATs). The economic position of the partners and the importance attached to economic independence and breadwinning mediate the impact of future expectations on the financial practices of LAT couples. The data also showed that traditional notions of gender and coupledom continue to be strongly influential, even in nontraditional types of partnerships.     

Individualized Marriage and the Integration of Resources

In individualized marriages, spouses maintain independence in their relationship. In individualized marriages, do married couples manage their money in pooled accounts or do they keep separate accounts? We answer this question with the 2002 International Social Survey Programme (N = 18,587;31 country contexts) and examine how variation in the individualization of marriage is related to variation in resource integration within marriage. We make two contributions. First, we found that individualization matters. When couples understood and practiced individualized marriage, they were more likely to keep their money separate. The presence of individualized approaches to marriage and individualized alternatives to marriage within a country were also related to a higher likelihood of couples keeping money separate. Second, we found that integrating resources remained a constitutive part of marriage. Despite trends toward individualization and growing alternatives to marriage, most married couples continued to pool their money.     

Money in remarriage: keeping things simple – and separate

This paper investigates money matters in remarried couples. The number of such couples is on the increase, and their financial affairs are likely to be more complex and conflictual than for first-married couples, but there has been little research attention paid to this group in Britain. The present study explores patterns of control and management of money by means of data from semi-structured interviews with 20 couples in which one partner or both had been married before. The men and women were interviewed separately, but in the majority of cases, simultaneously, in separate rooms. This yielded data from 38 interviews since two men declined to take part in the study. Ages of respondents ranged from 28 to 83, with the majority in the 30–55 range. At the time of the study, only half still had dependent children, and not all of the latter were co-resident. A key finding of the study is a degree of separateness in financial arrangements that is in sharp contrast to earlier findings. As many as half of the couples were using an Independent Management system, compared with less than 2 per cent of couples in general. For those with children from previous relationships, this separateness was especially marked in the way they wished their assets to be treated after their death. However, in line with earlier studies, the balance of economic power in second and subsequent marriages still appeared to favour the men, who generally had larger incomes and owned more assets in their own names.     

Money, power and inequality within marriage

The growing body of research on the intra-household economy suggests that in couple households there are significant associations between control over household finances and more general power within the household. However, most earlier research has been based on relatively small samples. Here a major new British data set, produced by the Social Change and Economic Life Initiative, is used to examine the relations between money, power and inequality within marriage. Six different systems of financial allocation are identified. The results suggest that even when couples nominally pool their money, in practice either husband or wife is likely to control the pool. In only one fifth of couples was the pool jointly controlled, but these households were characterised by the highest levels of equality between husband and wife in terms of decision making, experience of deprivation and access to personal spending money. Findings from the study indicate a complex pattern of relationships between household income level, household allocative system and gender. Female control of finances, though it was associated with greater decision-making power for women, did not protect them against financial deprivation; however, male control of finances, especially when it took the form of the housekeeping allowance, did serve to protect the financial interests of men in comparison with women. Gender inequality was least in households with joint control of pooled money and greatest either in low income households or in higher income households with male control of finances.     

Couples,Money, and Expectations: Negotiating Financial Management Roles to Increase Relationship Satisfaction

How couples handle money has become a popular subject among scholars, practitioners, and the popular press. However, little is known about how finances should be treated within a clinical context. This study examined the financial management roles in which couples participate and their satisfaction level with these roles as well as couples' communication tactics surrounding money and their impact on relationship and financial satisfaction. Results suggested that having shared goals and values about money were a stronger predictor of relationship satisfaction than were communication strategies. In addition, satisfaction with one's financial management role participation may be more important than self-reported financial management roles each partner performs. In this study, financial management roles included 19 areas, including responsibilities such as bookkeeping, financial decision-making, and taxes.     

Money management and views of civil partnership in same‐sex couples: results from a UK survey of non‐heterosexuals

Recent legislation in the UK has extended many of the legal and financial rights and responsibilities of heterosexual marriage to same‐sex couples who register their partnerships. Prior to the Civil Partnership Act (2004) however, little was known about financial arrangements in same‐sex couples, nor the extent to which these mirrored those of married or cohabiting heterosexuals. This paper reports the findings from the first large‐scale survey in the UK to investigate finances and civil partnership beliefs in a convenience sample of non‐heterosexuals: 510 individuals, of whom 386 were currently in a same‐sex relationship, participated in the survey. Our findings showed less merging of finances (such as in pooling, allowance, and whole wage systems) than is typical in heterosexual married couples. The results of a series of multinomial logistic regression analyses showed that rating CP as more important, and having both names on the mortgage, significantly reduced the odds of independent (ie, separate) management of finances. Participants were almost unanimous in their endorsement of CP as a form of legal recognition, with a large majority saying that they would also consider it for themselves.     

A note on altruism and caregiving in the family: do prices matter?

Exchanges of work for money and altruism are two alternative explanations for bequests, transfers from children to older parents, and in-family caregiving. Such exchanges may also occur in couples living together and are therefore a major theme in economic analyses of marriage. This note emphasizes two ways that the literature on altruism and inter-generational monetary transfers and the economic literature on marriage can enrich each other: the concept of price for in-family caregiving can be expanded along the lines of the analysis of Work-In-Household and market analyses of marriage can pay more attention to altruism as an alternative explanation for observed behaviors such as labor supply or consumption.     

Cohabitation and commitment: partnership plans of young men and women

Popular commentators on marriage and the family often interpret the increase in heterosexual couples living together without marrying as reduced willingness to create and honour life‐long partnerships. Survey and in‐depth interviews with samples of 20–29 year olds living in an urban area of Scotland finds little support for the postulated link between growing cohabitation and a weakened sense of commitment to long‐term arrangements. Most of the cohabiting couples strongly stressed their ‘commitment’. Socially acceptable vocabularies of motive undoubtedly influenced answers but interviews helped to explore deeper meanings. Many respondents’ views were consistent with previous research predictions of a weakening sense of any added value of marriage. At the same time, some respondents continued to stress the social significance of the distinction between marriage and cohabitation, consistent with research interpreting cohabitation as a ‘try and see’ strategy part‐way to the perceived full commitment of marriage. The notion that ‘marriage is better for children’ continued to have support among respondents. While, on average, cohabiting couples had lower incomes and poorer employment situations than married couples, only very extreme adverse circumstances were presented as making marriage ‘too risky’. Pregnancy‐provoked cohabitation was not always in this category. Cohabitation was maintained because marriage would ‘make no difference’ or because they ‘had not yet got round to’ marriage. Most respondents were more wary of attempting to schedule or plan in their personal life than in other domains and cohabitees’ attitudes to partnership, including their generally ‘committed’ approach, do not explain the known greater vulnerability of this group to dissolution.     

The financial practices and perceptions behind separate systems of household financial management

Qualitative research in the UK has revealed a diversity of financial arrangements underlying separate systems of household financial management. One factor, identified in previous work, is perceived ownership of money, with financial practices differing according to whether couples have distinct, blurred or shared ownership perceptions. The present work aims to build on and extend this research, using data from an online survey study with 190 cohabitants in the UK. The findings reveal that ownership perceptions transcend separate money management categories, and can be a significant predictor of the type of contribution cohabitants make towards joint household expenses.     

The Role of Money Arguments in Marriage

Despite the paucity of empirical evidence indicating the impact of money arguments on spousal relationship outcomes, it is common belief that money plays a large role in the life of couples. This study used panel data from the 1979 National Longitudinal Study of Youth to examine how money-related arguments affect the marital relationship. Economic theory indicates that initial expectations about the marriage and variance in expectations are both important in predicting relationship satisfaction and divorce. Money arguments were modeled as a sign of the lack of investment in spousal-specific capital and were hypothesized to negatively impact relationship quality. Results suggest that money arguments are an important indicator of relationship satisfaction, but are not as influential in predicting divorce. Both the approach used to model money arguments and the empirical results can be used by marriage therapists and financial counselors to help couples understand and improve the benefits received through marriage.     

The Construction of Gender Among Working-Class Cohabiting Couples

Utilizing three typologies that emerged from the data, we examine how 30 working-class cohabiting couples construct gender through paid and domestic labor. Contesting couples contain at least one partner, usually the woman, who attempts to construct more egalitarian arrangements. In Conventional and Counter-Conventional couples, neither partner is actively contesting their gendered arrangements. Among Conventional couples each partner adheres to a traditional division of labor. Normative gender arrangements are upended in Contesting and Counter-Conventional couples when the female partner resists financial dependence on her male partner or if or the male partner does not earn enough income to provide even for himself. Nevertheless, institutionalized gender roles appear deeply entrenched among the working-class cohabitors in this study.     

Social change and the family: Comparative perspectives from the west,China, and South Asia

This paper examines the influence of social and economic change on family structure and relationships: How do such economic and social transformations as industrialization, urbanization, demographic change, the expansion of education, and the long-term growth of income influence the family? We take a comparative and historical approach, reviewing the experiences of three major sociocultural regions: the West, China, and South Asia. Many of the changes that have occurred in family life have been remarkably similar in the three settings—the separation of the workplace from the home, increased training of children in nonfamilial institutions, the development of living arrangements outside the family household, increased access of children to financial and other productive resources, and increased participation by children in the selection of a mate. While the similarities of family change in diverse cultural settings are striking, specific aspects of change have varied across settings because of significant pre-existing differences in family structure, residential patterns of marriage, autonomy of children, and the role of marriage within kinship systems.     

Money in marriage: how patterns of allocation both reflect and conceal power

This paper examines perceptions of money within marriage, focusing upon the concepts of control and ownership. It considers the criteria involved in Pahl's (1983; 1989) typology for the allocation of income, and their ability to capture the dynamic perceptual elements associated with change. These issues were explored by means of data from semi-structured interviews, using mainly middle-class couples (thirteen women and nine of their partners) in the 30–50 year age-range. Most of the women were in the process of returning to the labour market following an absence of at least eight years. The findings demonstrate, on the one hand, that Pahl's revised typology (1989), which includes an emphasis on the person possessing overall control, can be used to trace major shifts in the balance of economic power as a function of the life-cycle and associated changes in the source of income. On the other hand, the findings also show that a couple's report of their financial arrangements, concerning the Spooling’ of income, can yield the erroneous impression that resources are equally shared. In particular, the ‘rights’ of ownership associated with having earned the income may remain hidden, and lead to patterns of overall control with potential consequences for a non-earning, dependent partner.     

“Something More”: The Meanings of Marriage for Religious Couples in America

This study focused on how couples’ beliefs about marriage and religion shape the meanings they find in their marriage. Interviews about connections between religion and marriage were conducted with 57 Christian, Jewish, and Muslim couples in New England and northern California. Qualitative analyses found the major theme, common across faith traditions, was that marriage is a sacred union that is “something more": more than the self, more than the couple, and more than the family unit. To these couples marriage is divine and institutional and a vital support for their relationship. Our findings raise an interesting counterpoint to the current scholarly discourse about the deinstitutionalization and individualization of contemporary marriage. Institutionalized features of marriage may retain their strength in contemporary society as many religious couples, and perhaps many other couples as well, believe marriage is something more than the deinstitutionalized, private relationship that many scholars now see.     

Financial Management Practices of Couples with Great Marriages

The purpose of this qualitative study was to learn about financial management practices of 64 self-selected couples from throughout the United States who believe they have great marriages. Three themes emerged from the data. First, for most couples one of the partners handled the day-to-day finances and that required trust and communication. Second, these couples had little or no debt or had a goal of paying off debt. Third, couples lived within their means and were frugal. Other findings described these couples’ practices of having joint or separate accounts, how they dealt with financial challenges, and their view of other couples having financial challenges.     

Gender equality in ‘the most equal country in the world'? Money and marriage in Sweden1

This article analyses how Swedish couples perceive the sharing of money and consumption between themselves and their partner. Interviews were conducted with ten Swedish married couples. Each spouse was interviewed separately about their incomes, financial organization, patterns of consumption, views about money and decision-making. Regardless of whether they pooled their incomes or kept money separately, all were in agreement about the importance of equal sharing and access to money and consumption. Despite stated goals of gender equality, however, consumption was not perceived as being shared equally. Two factors central to understanding this were the ways that daily finances were managed and the fact that women had responsibility for the daily finances of the family. Another important aspect was the ways that items of consumption were defined. Food and children's clothes were areas that were in a ‘grey zone’ regarding which money was used to pay for them, and they often fell to the woman. This practical responsibility and associated awareness of the family economy serve as obstacles to women's sense of entitlement and access to money for personal discretionary spending, a problem not experienced by men.     

Central Bank Autonomy without Monetary Policy

The autonomy of a country’s central bank from political authorities has been advocated both as a remedy against the inflationary bias that would otherwise be present in the conduct of the government’s monetary policy and, more recently, on the basis of empirical evidence. However, both theoretical arguments and empirical findings have associated central bank autonomy with the conduct of monetary policy, while often failing to pay attention to those institutional cases where a central bank is in place but is not responsible for the conduct of monetary policy. These cases are particularly relevant for those countries which do not possess their own currency, or where extreme monetary regimes such as dollarization, currency boards, or monetary unions are present. These institutional settings, where a central bank exists, but there is no monetary policy to be conducted, raise the issue of central bank autonomy in a framework where the inflation bias is no longer pertinent. In other words: Is central bank autonomy still a relevant objective when a country does not run its own monetary policy? The present paper addresses this question, discusses dimensions of autonomy and accountability and maintains that central bank autonomy still does matter, particularly if the central bank is responsible for bank supervision and financial regulation.     

你赞成婚前协议吗？

如今，中国城市中越来越多的年轻夫妇签订婚前协议，对婚姻生活的各个方面“约法三章”，内容涉及家务劳动的安排、孩子的培育责任，以及离婚或夫妻间的不忠与背叛，夫妻如何分配共同财产等诸多事项。对于婚前协议．人们众说纷纭，有人认为它是婚姻的良好开端，有人则认为它预示着婚姻关系即将破裂。     

Love and Money: Reducing Stress and Improving Couple Happiness

A love and money curriculum was developed to guide couples through conversations about the role money plays in their relationships. Thirteen couples participated in the 5-week study. Physiological stress was measured during each of the five meetings. Couples’ satisfaction, attitudes, and behaviors were evaluated with pre-and post-surveys. Findings indicate that couples experienced a reduction in the stress finances put on their relationship and increased happiness with their financial situation, communication, and household responsibilities. Implications for more wide-spread application of the curriculum are provided as a way of talking about money with couples.