Race is one of many factors that can affect our experiences. For example, in the United States there is vast economic inequality by race due to past and present racism and differences in opportunities (for example, the average White family has twice the income and 13 times the wealth as the average Black family).1 Socioeconomic status tends to be an inherited trait, with kids of wealthy parents being more likely to become wealthy themselves, and kids of impoverished parents being more likely to live in poverty themselves.2 Racism and economic inequality can also affect families’ access to and experience with banks and financial institutions.3 A combination of these and other factors could contribute to differences in how parents of different races teach their kids about money.

Picture a newlywed couple, hand in hand, walking into their first home together. Beneath their smiles lies a hidden challenge: balancing their roles and responsibilities as they build both their relationship and their financial future. In the recent article, On the Same Page? Newlyweds’ Agreement About Shared Power Predicting Financial Management Behaviors Through Marital Commitment[1], distinguished scholars suggest that the way a couple navigates their marriage might also predict how they navigate their finances. Many assume that financial behaviors (e.g., paying your bills on time, or saving money from every paycheck) are a central driving force for romantic relationship outcomes.[2] However, research suggests that the ability of couples to maintain balance and commitment may also shape newlywed relationships, with financial behaviors serving as an outcome of these dynamics.

Differences in a relationship don’t always have to be harmful; in fact, at times they may actually be a strengthing factor. The unique qualities each partner brings—whether in opinions, perspectives, or choices—can create opportunities to grow together. As couples learn about their differences, they have the opportunity to discover what makes their partner special and valuable within the relationship.

On the 23rd of January 2020 the city of Wuhan, China shut down in response to the Coronavirus outbreak. By February 10th, less than a month later, over 1,000 individuals throughout the world had passed away from COVID-19. On March 13th President Donald Trump declared a nationwide emergency, which led to school systems, restaurants, businesses, and even grocery stores to shut down. Social distancing was implemented, and masks were worn by many to attempt to slow the spread of COVID-19 and avoid the illness themselves.[1]

In today's complex financial landscape, equipping children with the necessary skills and knowledge to navigate their financial futures is more important than ever. Dr. Bryce Jorgensen and colleagues shed some light on how parents can effectively prepare their children for financial success, emphasizing the critical role of parents in this learning and preparation.[1] In their study, they found that parents can significantly influence their children's financial competence through (1) active involvement, (2) open communication about finances, and (3) establishing a supportive financial environment for their child. Our aim in this article is to help inform parents of potential practices that might help them prepare their children for future financial success.

Can money buy happiness? This question has fascinated economists, scientists, and the imaginations of people like you and me throughout much of human history. But only in the last decade have researchers made headway in this long-awaited answer. Their response? For some, money helps; for others, it doesn’t make much of a difference.[1]

Our perception of situations often influences how we respond to them. In the article Materialism, Perceived Financial Problems, and Marital Satisfaction, Dr. Luke Dean and colleagues examined how marital satisfaction was influenced by couples’ perceptions of financial issues (e.g., job insecurity, debt, differing priorities, and spending habits), emphasizing how materialism frequently fuels conflicts related to these challenges. They found that couples with strong materialistic values tend to see financial issues as more frequent, even when the intensity of the issues did not differ greatly from those faced by less materialistic couples.[1] The lower frequency of financial issues reported by less materialistic couples likely stems from their prioritization of the relationship over finances. When marriage is highly valued, financial issues are less likely to disrupt marital happiness; however, couples who highly value money and possessions might suffer in their marriage.[2] This begs the question, what do you choose to prioritize, and how do your choices influence your relationship?

A recent study on Chinese emerging adults (aged 18-30 years) in Hong Kong identified how family financial socialization – how children learn about money from their parents – influences financial wellbeing and behaviors in relation to the emerging adults’ gender, culture, socio-economic status, and financial changes during the COVID-19 pandemic.[1] They found that Eastern societies, such as China, differ from Western societies, like the United States, in two key ways: healthy money management and financial enabling. These insights from Hong Kong can not only enrich our understanding, but also allow us to introspect on what we can learn and apply from them.

In 2018, a survey from Pew Research Center indicated that religious belief has dwindled in the United States.[1] Yet, debates about religion, religious freedom, and religious practices are in the media, politics, and dinner table conversations. From previous research, we know that religion has a powerful effect on individuals and families for better or for worse,[2] but what relationship does religion have with finances?

The golden glow of the setting sun warms the vibrant petals of lilies and roses of a wedding arbor, under which a couple exchanges heartfelt vows. As they gaze into each other's eyes, they ponder the most romantic thought, “How will we manage our finances together?” They both have full-time jobs, with a shared annual salary of $80,000, but like the average American household, they are likely to be $16,000—or about 20% of their annual income—in debt.[1]