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.
Marital power is defined as the ability to influence the behaviors or actions of one’s spouse and marriage.[3] If one spouse had more power than the other, they would “wear the pants” and have more influence in decision-making; if both spouses had equal (shared) power, they would have equal say in decisions. Research has shown that couples with shared power (or relatively shared power) tend to have higher-quality relationships[4] and often have better teamwork. Due to this link, Saxey and colleagues predicted in their recent study that when spouses are more personally committed to their marriage—driven by a shared sense of power between partners—they will have greater incentive to manage their finances effectively.[1]
Saxey’s study found that a higher level of shared marital power leads to higher marital commitment. In other words, when spouses treat each other as equals and operate as a team, they want and expect to stay in their relationship. Further, couples with higher marital commitment are more likely to have healthy financial management behaviors. Curiously, previous research has often assumed that financial management behaviors influence marriage,[5] but with these findings we see that marriage (and commitment to it) also influences financial behavior. Couples who are working together toward a shared future are more likely to be careful and intentional about their finances.
Takeaways
These research findings may change the way newly married couples seek to improve their financial management. Perhaps, instead of hyper-focusing only on financial behaviors, it may be helpful to add additional attention to the relationship. Remember, the healthier your relationship with your spouse, the better equipped you will both be to tackle financial challenges in your marriage.
Here are two takeaways that newlywed couples can use to strengthen their relationship:
1. Evaluate power dynamics in your relationship. Try to get on equal footing with your spouse by looking at the power dynamics in your relationship. Different ways to do this could be by using a joint bank account, pooling your money together, and managing your money as a team.[6] You can also practice listening to each other with respect, prioritizing both spouses’ needs and goals, and evaluating whether your division of household work is fair, redistributing tasks when needed to make workloads more equitable. As you become more united in the power that you share together, it is likely that you will also be more personally committed to your marriage. On that note, do not be discouraged if you occasionally find that power is not always equal in your marriage. If you struggle to find a balance in marital power, it could be beneficial to find and visit with a financial therapist or a marriage and family therapist who can help couples better develop healthy levels of marital power.
2. Challenge assumptions. The traditional assumption with romantic relationships is that financial behaviors can often determine relational outcomes, but the quality of your marital relationship can also guide financial decision-making and behaviors. This highlights the importance of fostering a strong emotional connection to indirectly improve financial management and overall marital stability. If you are struggling financially, perhaps it is time to come closer to your spouse by including them in your daily decisions and helping them feel that their contributions and efforts are valued.
References:
[1] Saxey, M. T., LeBaron-Black, A. B., Dew, J. P., James, S. L., Yorgason, J. B., & Holmes, E. K. (2024). On the same page? Newlyweds’ agreement about shared power predicting financial management behaviors through marital commitment. Journal of Financial Counseling and Planning.
[2] Ross, D. B., Gale, J., Wickrama, K., Goetz, J., Vowels, M. J., & Tang, Y. (2021). Couple perceptions as mediators between family economic strain and marital quality: Evidence from longitudinal Dyadic data. Journal of Financial Counseling and Planning, 32(1), 158–172. https://doi.org/10.1891/JFCP-18-00065
Saxey, M. T., LeBaron-Black, A. B., Totenhagen, C. J., & Curran, M. A. (2023). More than a score? indirect associations between credit score and romantic relationship quality in emerging adulthood. Journal of Financial Counseling and Planning, 34(1), 55–67. https://doi.org/10.1891/JFCP-2022-0018
Spuhlera, B. K., & Dew, J. (2019). Sound financial management and happiness: Economic pressure and relationship satisfaction as mediators. Journal of Financial Counseling and Planning, 30(2), 157–174. https://doi.org/10.1891/1052-3073.30.2.157
[3] Miller, R. B., Dyer, W. J., & Day, R. D. (2022). Development and initial validation of the perceived power im balance scale. Contemporary Family Therapy, 44(3), 210–221. https://doi.org/10.1007/s10591-021-09618-1
[4] Dunbar, N. E. (2004). Dyadic power theory: Constructing a communication-based theory of relational power. Journal of Family Communication, 4(3–4), 235–248. https://doi.org/10.1080/15267431.2004.9670133
[5] Glenn, C., Caulfield, B., McCoy, M. A., Curtis, J. R., Gale, N., & Astle, N. (2019). An annotated bibliogra phy of financial therapy research: 2010 to 2018. Journal of Financial Therapy, 10(2), 1–92. https://doi.org/10.4148/1944-9771.1218
[6] LeBaron, A. B., Holmes, E. K., Yorgason, J. B., Hill, E. J., & Allsop, D. B. (2019). Feminism and couple finance: Power as a mediator between financial processes and relationship outcomes. Sex Roles, 81(3–4), 140 156. https://doi.org/10.1007/s11199-018-0986-5