Young Married Women More Money Savvy Than Spouses
Young wives are more money savvy than their spouses, according to a study by FindLaw.com, an online legal resource center.
Married women between the ages of 18 and 34 are the most likely among married couples to play a significant role in managing the couple’s finances, and less likely to squabble with their spouses about money, according to findings.
The study also found that younger women are more likely to manage the household finances by themselves, rather than letting their spouses handle it or managing the money together. Thirty-seven percent of young married women say they handle all the household finances, compared with only 30% of young married men.
“Money and marriage are inevitably intertwined,” said Stephanie Rahlfs, an attorney and editor with FindLaw.com. “Property rights, joint responsibilities and obligations, and legal benefits are as much a part of marriage as vows and wedding rings. How much couples know about their finances and how they decide to manage their money are important issues as couples go through their married life together,” she added.
The survey found that while money is the primary issue most married couples fight about, younger women are more likely to fight about their partner’s bad habits than money. In fact, money is tied for third with issues involving relatives and in-laws, after bad habits and having or raising children.
Whether it’s income, debt, net worth, retirement savings, or credit score, most younger women knew the details about their spouse’s finances before they got married. By contrast, less than half of younger men say they knew their wife’s net worth, retirement savings, or credit score before they got married.
The FindLaw.com survey was conducted using a telephone survey of 1,000 American adults and has a margin of error of 3%.
– Renita Burns