Couples often argue about money, as the saying goes. There may be benefits to working as a team in the home as well as in the workplace – but how many financial decisions in the household are made by just one partner?
Researchers in the multi-year Think Forward Initiative, sponsored by ING, are digging deeper to answer these questions and more. The results may give clues to financial capability and suggest how to help people make the most of their money in future.
Lei Pan, senior economist at ING, working with Tilburg University professor of economic psychology Fred van Raaij and Tallinn University of Technology associate professor Merike Kukk, can confirm that many decisions are made jointly, by both partners in a couple. This depends, however, on what the decision is about.
There is no “I” in team
Pan’s survey, a first stage in a deeper, multi-year investigation, asked 1,116 couples in the Netherlands, including 22 male-only and 20 female-only couples, about their roles in spending and saving, and about the degree of income-sharing per household.
Results confirm that other people typically have influence, to some extent, on almost every financial decision within a household. Boosting financial capability might mean considering the personalities and biases not only of individuals but of their nearest and dearest, as well as looking at how their roles and the relationships are structured and evolve.
1 2 3 4 5 6
This article is related to the ING International Survey: