family studies, marriage and family therapy, financial therapy
Using nationally-representative data collected during the summer of 2009 (N = 575), this study examines how reports of financial declines are associated with financial behaviors and how financial behaviors are associated with relationship satisfaction among cohabiting and married participants. Findings suggested that financial declines were only negatively associated with sound financial management behavior if participants also experienced feelings of economic pressure. Sound financial management behavior was found to be positively associated with marital satisfaction. Finally, sound financial management behavior also moderated the association between financial declines, economic pressure, and relationship satisfaction.
Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License
Dew, J. P., & Xiao, J. J. (2013). Financial Declines, Financial Behaviors, and Relationship Satisfaction during the Recession. Journal of Financial Therapy, 4 (1) 1. http://dx.doi.org/10.4148/jft.v4i1.1723
Aniol, J. C., & Snyder, D. K. (1997). Differential assessment of financial and relationship distress: Implications for couple therapy. Journal of Marital and Family Therapy, 23, 347–352.
Baek, E., & DeVaney, S. (2010). How do families manage their economic hardship? Family Relations, 59, 358–368.
Baron, R. M., & Kenny, D. A. (1986). The moderator-mediator variable distinction in socialpsychological research: Conceptual, strategic, and statistical considerations. Journal of Personality and Social Psychology, 51, 1173–1182.
Conger, R. D., Conger, K. J., Elder, G. H., Jr., Lorenz, F. O., Simons, R. L., & Whitbeck, L. B. (1993). Family economic stress and adjustment of early adolescent girls. Developmental Psychology, 29, 206–219.
Conger, R. D., & Elder, G. H., Jr. (1994). Families in troubled times: Adapting to change in rural America. New York: Walter de Gruyter.
Conger, R. D., Elder, G. H., Jr., Lorenz, F. O., Conger, K. J., Simons, R. L., Whitbeck, L. B., Mellby, J. N. (1990). Linking economic hardship to marital quality and instability. Journal of Marriage and the Family, 52, 643–656.
Conger, R. D., Rueter, M. A., & Elder, G. H., Jr. (1999). Couple resilience to economic pressure. Journal of Personality and Social Psychology, 76, 54–71.
Dew, J. P.(2007). Two sides of the same coin? The differing roles of assets and consumer debt in marriage. Journal of Family and Economic Issues, 28, 89–104.
Dew, J. P.(2011). The association between consumer debt and the likelihood of divorce. Journal of Family and Economic Issues, 32, 554–565.
Dew, J. P., & Jackson, M. (2012, November). What protects couples' marital quality during financial strain? Paper presented at the annual conference of the National Council on Family Relations, Phoenix, AZ.
Dew, J. P., & Xiao, J. J. (2011). The Financial Management Behavior Scale: Development and validation. Journal of Financial Counseling and Planning, 22 (1), 19–35.
Dew, J. P.,& Yorgason, J. (2010). Economic pressure and marital conflict in retirement-aged couples. Journal of Family Issues, 31, 164–188.
Drentea, P. (2000). Age, debt, and anxiety. Journal of Health and Social Behavior, 41, 437–450.
Ellison, C. G., Henderson, A. K., Glenn, N. D., & Harkrider, K. E. (2011). Sanctification, stress, and marital quality. Family Relations, 60, 404–420.
Finke, M. S., & Pierce, N. L. (2006). Precautionary savings behavior of maritally stressed couples. Family and Consumer Sciences Research Journal, 34, 223–240.
Friedman, M. (1957). A theory of the consumption function. Princeton, NJ: Princeton University Press.
Gudmunson, C. G., Beutler, I. F., Israelsen, C. L., McCoy, J. K., & Hill, E. J. (2007). Linking financial strain to marital instability: Examining the roles of emotional distress and marital interaction. Journal of Family and Economic Issues, 28, 357–376.
Hilgert, M. A., Hogarth, J. M., & Beverly, S. G. (2003). Household financial management: The connection between knowledge and behavior. Federal Reserve Bulletin, 89, 309–322.
Hurd, M. D., & Rohwedder, S. (2010). Effects of the financial crisis and great recession on American households(NBER Working Paper No. 16407). Retrieved from National Bureau of Economic Research website: http://www.nber.org/papers/w16407
James, S., Brown, R., Goodsell, T., Stovall, J., & Flaherty, J. (2010). Adapting to hard times: family participation patterns in local thrift economies. Family Relations, 59, 383–395.
Johnson, D. R. (1993). Are single-item measures of marital quality valid? The case of marital happiness. Paper presented at the annual conference of the National Council on Family Relations, Baltimore MD.
Kinnunen, U., & Pulkkinen, L. (1998). Linking economic stress to marital quality among Finnish marital couples. Journal of Family Issues, 19, 705–724.
Kwon, H.-K., Rueter, M. A., Lee, M.-S., Koh, S., & Ok, S. W. (2003). Marital relationships following the Korean economic crisis: Applying the family stress model. Journal of Marriage and Family, 65, 316–325.
Liker, J. K., & Elder,G. H., Jr. (1983). Economic harship and marital relations in the 1930s. American Sociological Review, 48, 343–359.
Mattingly, M., & Smith, K. E. (2010). Changes in wives' employment when husbands stop working: A recession-prosperity comparison. Family Relations, 59, 343–357.
Muntaner, C., Eaton, W. W., Diala, C., Kessler, R. C., & Sorlie, P. D. (1998). Social class, assets, organizational control and the prevalence of common groups of psychiatric disorders. Social Science and Medicine, 42, 2043–2053.
Rothwell, D. W., & Han, C.-K. (2010). Exploring the relationship between assets and family stress among low-income families. Family Relations, 59, 396–407.
Rubin, D. B. (1987). Multiple imputation for non-response in surveys. New York: Wiley.
Schumaker, R. E., & Rigdon, E. (1995, April). Testing interaction effects in structural equation models. Paper presented at the annual meeting of the American Educational Research Association, San Francisco, CA.
Shapiro, M. (2007). Money: A therapeutic tool for couples therapy. Family Process, 46, 279–291.
Stanley, S. M., & Einhorn, L. A. (2007). Hitting pay dirt: Comment on "Money: A therapeutic tool for couples therapy. Family Process, 46, 293–299.
U.S. Courts (2010). Bankruptcy statistics Retrieved October 4, 2010, from http://www.uscourts.gov/Statistics/BankruptcyStatistics.aspx
Yeung, W. J., & Hofferth, S. L. (1998). Family adaptations to income and job loss in the U.S. Journal of Family and Economic Issues, 19, 255–283.
Zagorsky, J. L. (2003). Marriage and divorce's impact on wealth. Journal of Sociology, 41, 406–424.
Zimmerman, K. J. (2010). The influence of a financial management course on couples’ relationship quality (master’s thesis). Retrieved from Proquest UMI. (Publication No. 1476363)