The effects of financial management strategies on quality of family life in remarriage

Abstract

ABSTRACT:A conceptualization of financial management behavior in remarriage forwarded by Fishman (1983) is refined and used to study 91 remarried couples. Couples are categorized into three financial management strategy groups: those having only joint accounts, only separate accounts, and a combination of joint and separate accounts. The different groups' demographic characteristics and satisfaction and happiness regarding family life are compared. Overall few differences between groups are found on the demographic characteristics, and no differences are found on satisfaction or happiness.

Perceptions of Stepfathers’ Obligations to Financially Support Stepchildren

“…The specific money management approach used in repartnered families (e.g. pooling or maintaining separate accounts) does not appear to be strongly related to family relationship quality-there is not a ''best'' approach for all families and strategies can change over time as the family evolves (Coleman and Ganong 1989;Pasley et al 1994). Money impacts relationships through its emotive and symbolic value, as well as more obvious practical functions, and learning to deal effectively with finances in relationship counselling should be routinely included in therapist training (Shapiro 2007).…”

Financial Arrangements and Relationship Quality in Low‐Income Couples

“…These changes affected how couples arranged their finances (Kenney, 2006; Pasley, Sandras, & Edmonston, 1994). Separate fiscal management systems have become more evident over the past few decades, with some couples maintaining both joint and separate accounts, and others holding only separate accounts (Ashby & Burgoyne, 2008; Elizabeth, 2001; Pahl, 1995; Pasley et al).…”

“…Despite a growing body of research on couples’ money management strategies, much of the current literature is based on data from European countries, and the bulk of it consists of nonrepresentative studies (Ashby & Burgoyne, 2008; Burgoyne, Reibstein, Edmunds, & Dolman, 2006; Pahl, 1995; Pasley et al, 1994; Vogler, 2005; Vogler, Lyonette, & Wiggins, 2008). Research by Treas and Widmer (2000) has found that systems of money management vary widely by country.…”

“…The preponderance of extant research relies on the typology detailed by Pahl (1995) that examines not only whether monies are pooled or held independently but also the sex of the partner responsible for money allocation (i.e., bill paying; Ashby & Burgoyne, 2008; Kenney, 2006; Vogler, 2005; Vogler et al, 2008). Few studies, however, ask respondents if they and their partner have joint or separate personal checking or savings accounts (Pasley et al, 1994), though qualitative studies suggest that is what couples understand income pooling to be (Ashby & Burgoyne; Burgoyne et al, 2006). …”

Perceived Obligations of Remarried Households to Provide Financial Assistance to Younger Family Members

“…Whereas previous research has focused on the obligations of individuals (e.g., Finch & Mason, 1993;Ganong & Coleman, 1999;Rossi & Rossi, 1990), little is known about perceptions of the obligations of households. If fact, one criticism of previous research on intergenerational obligations is that remarried couples may implement a variety of household financial management strategies, including a pooled-resource strategy wherein remarried couples have joint accounts and make joint financial decisions (Pasley, Sandras, & Edmondson, 1994).…”