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This study analyzed the debt profile of low-income households before and after the Great Recession using the 2007, 2010, and 2013 Survey of Consumer Finances (SCF). We used Heckman selection models to investigate three debt characteristics: (a) the amount of debt, (b) debt-to-income ratio, and (c) debt delinquency. Before and after the Great Recession, results from the selection stage showed the probability of holding debt for households increased as their income level increased (moving into less severe poverty categories); results from the outcome stage indicated households in the most severe poverty category (below 100% of poverty threshold) were less likely to meet debt-to-income ratio guidelines. Following the Great Recession, these lowest income households were more likely to have higher debt and debt delinquency problems.

Objective: Using feminist theory as a lens, we tested whether couple finance behaviors are associated with marital outcomes and whether shared relational power mediates these associations. Background: Building on a previous study, we sought to understand financial dynamics and relational power (a) in early marriage, (b) using a nationally representative sample, and (c) considering financial deception. Method: We tested these associations with a nationally representative sample of mixed‐gender U.S. newlyweds (N = 1,654 couples; data are from the CREATE [Couple Relationships and Transition Experiences] project) using an actor–partner interdependence mediation model. Results: In support of our hypotheses, we found significant actor and partner associations from financial conflict, financial deception, and unequal influence in financial decision‐making with relational power, marital satisfaction, and marital stability. Additionally, many associations between couple finance variables and marital outcomes were mediated by relational power. We did not find expected associations from employment status and joint/separate bank accounts to relational power, marital satisfaction, or marital stability. Conclusion: Our findings support feminist claims suggesting that unequal financial power is linked to unequal relational power, which is in turn associated with lower marital satisfaction and stability. Implications: Financial conflict, financial deception, and unequal financial influence can unbalance relational power and weaken new marriages. [ABSTRACT FROM AUTHOR]

We examined whether shared leisure offers protection against negative associations between financial distress and relationship quality (satisfaction and commitment) for lower‐ and higher‐income couples. We expected husbands' and wives' reports of shared leisure would be protective of the effects of financial distress (Time 2) on relationship satisfaction (Time 3) and commitment (Time 4) for higher‐income couples (but not lower‐income couples). Participants were drawn from a nationally representative, longitudinal study of US newly married couples. The analytic sample included both members of 1382 different‐gender couples with data across the three sampled waves of data collection. Shared leisure was largely protective of the effects of financial distress on husbands' commitment for higher‐income couples. For lower‐income couples, higher shared leisure exacerbated this effect. These effects were only found at extreme levels of household income and shared leisure. When considering if couples who play together stay together, our findings suggest that it can, but it is critical to understand the financial situation of the couple and the resources they may have to support shared leisure activities. Professionals working with couples should consider their financial situation when making recommendation to engage in shared leisure, such as going out for recreation. [ABSTRACT FROM AUTHOR]

The relationship between an individual's financial behavior and financial satisfaction is well known. Less evidence is available about how these two constructs interplay within couples. This considered, the current paper aims to (a) examine whether individuals' financial satisfaction is influenced by their own financial behavior (actor effect) and their partner's financial behavior (partner effect); (b) examine whether these two effects vary between husbands and wives; and (c) verify how couples' bank account status (i.e., only joint bank accounts, only separate bank accounts, both joint and separate bank accounts) moderate these effects. The current study draws 1,475 heterosexual early married couples from Couple Relationships and Transition Experiences study and modeled dyadic data through an Actor Partner Interdependence Model. Results indicate that actor's financial behavior is associated only with one's own financial satisfaction (actor effect) and not one's partner's financial satisfaction (partner effect). This holds for both wives and husbands. Furthermore, individuals who hold only joint bank account(s) are more likely to have financial behaviors similar to their partner than individuals who hold only separate bank accounts or both joint and separate accounts. Couples who hold only separate accounts are more likely to engage in less positive financial behavior than their counterparts. Implications for relationship therapists and financial professionals are discussed. [ABSTRACT FROM AUTHOR]

This study investigates how psychological characteristics influence saving behavior within a sample of 1,380 U.S. preretirees aged 50–70 from the Health and Retirement Study (HRS). Using the 3M Model of Motivation and Personality as a theoretical basis, structural equation model results revealed that financial self‐efficacy (FSE) directly explains saving behavior and is central to understanding the link between other psychological characteristics and the saving behavior of older adults. Through higher FSE, increased positive affect and reduced negative affect indirectly supported saving behavior. Moreover, the results revealed personality traits indirectly explained saving behavior. Conscientiousness and extroversion indirectly supported saving behavior; whereas openness to experience and neuroticism indirectly undermined saving behavior. This study connects broad personality traits with saving behavior, which provides information about how older adults' psychological composition is related to their saving practices. [ABSTRACT FROM AUTHOR]

This study analyzed the debt profile of low-income households before and after the Great Recession using the 2007, 2010, and 2013 Survey of Consumer Finances (SCF). We used Heckman selection models to investigate three debt characteristics: (a) the amount of debt, (b) debt-to-income ratio, and (c) debt delinquency. Before and after the Great Recession, results from the selection stage showed the probability of holding debt for households increased as their income level increased (moving into less severe poverty categories); results from the outcome stage indicated households in the most severe poverty category (below 100% of poverty threshold) were less likely to meet debt-to-income ratio guidelines. Following the Great Recession, these lowest income households were more likely to have higher debt and debt delinquency problems. [ABSTRACT FROM AUTHOR]