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Financial Transparency and Marital Satisfaction

Author

Listed:
  • Baek H. Young

    (Professor, Department of Finance, Huizenga College of Business, Nova Southeastern University, United States of America)

  • Chenail Ronald

    (Provost and Executive Vice President for Academic Affairs, Professor of Family Therapy, Nova Southeastern University, United States of America)

  • Neymotin Florence

    (Professor, Department of Decision Sciences, Huizenga College of Business, Nova Southeastern University, 3300 S. University Drive, Ft. Lauderdale, FL 33314, United States of America)

Abstract

Previous studies suggest that financial distress, financial management, and financial counselling can impact relationship satisfaction among married couples. Utilising a unique Financial Transparency Scale (FTS), we examine the relationship between couples’ financial transparency and their marital satisfaction. We demonstrate that couples who jointly engage in financial partnership activities, such as making joint financial decisions, financial planning, and budgeting, experience a higher level of relationship satisfaction. We additionally find a positive association between a married person’s relationship satisfaction and the degree to which their partner is financially transparent. Our ordinal regression results highlight the importance of financial trust and open financial discussions.

Suggested Citation

  • Baek H. Young & Chenail Ronald & Neymotin Florence, 2023. "Financial Transparency and Marital Satisfaction," Financial Planning Research Journal, Sciendo, vol. 9(1), pages 1-24.
    • Handle: RePEc:vrs:finprj:v:9:y:2023:i:1:p:1-24:n:1004
    DOI: 10.2478/fprj-2023-0004
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    References listed on IDEAS

    as
    1. Jenny G Olson & Scott I Rick & Deborah A Small & Eli J Finkel & June Cotte & Rebecca K Ratner, 2023. "Common Cents: Bank Account Structure and Couples’ Relationship Dynamics," Journal of Consumer Research, Journal of Consumer Research Inc., vol. 50(4), pages 704-721.
    2. Clinton Gudmunson & Ivan Beutler & Craig Israelsen & J. McCoy & E. Hill, 2007. "Linking Financial Strain to Marital Instability: Examining the Roles of Emotional Distress and Marital Interaction," Journal of Family and Economic Issues, Springer, vol. 28(3), pages 357-376, September.
    3. Sonya Britt & Sandra Huston, 2012. "The Role of Money Arguments in Marriage," Journal of Family and Economic Issues, Springer, vol. 33(4), pages 464-476, December.
    4. Linda Skogrand & Alena Johnson & Amanda Horrocks & John DeFrain, 2011. "Financial Management Practices of Couples with Great Marriages," Journal of Family and Economic Issues, Springer, vol. 32(1), pages 27-35, March.
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    6. Fenaba R. Addo & Xing Zhang, 2020. "Debt Concordance and Relationship Quality: A Couple-Level Analysis," Journal of Family and Economic Issues, Springer, vol. 41(3), pages 405-423, September.
    7. Brandan E. Wheeler & Cecilia Brooks, 2023. "Financial Concerns, Relationship Happiness, and Financial Management Behaviors: A Moderating Relationship Among Married and Cohabiting Respondents," Journal of Family and Economic Issues, Springer, vol. 44(2), pages 325-341, June.
    8. Jeffrey Dew, 2011. "The Association Between Consumer Debt and the Likelihood of Divorce," Journal of Family and Economic Issues, Springer, vol. 32(4), pages 554-565, December.
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