Couples Should Take Another Look at Their Finances

Image Credit: Alessandro Biascioli/iStock/GettyImages

Usually we don't think of the 1 Percent as suffering from inequality. (At the very least, they're not suffering.) However, even at the very top, money doesn't make everyone equal, not even between married couples.

Advertisement

Researchers at Ohio State University have just released a study tracking which member in opposite-sex marriages is the "expert" in household finances. Since the early '90s, the answer has increasingly been "the husband," averaging about 56 percent in 2016. Yet the richer surveyed couples got, the more likely it was for that number to grow seriously lopsided. Among the wealthiest Americans, about 90 percent said the husband was most knowledgeable about household income and overall wealth.

In a reality that includes divorce, death, and any other kind of separation, this should be a wake-up call for women. COVID-19 has already dealt women a huge blow in terms of financial stability and career growth, and there's only so much resetting your finances can really do. Furthermore, we're all pretty cagey about talking about money, including with the people we need to most: our spouses and partners.

Advertisement

Luckily, beefing up on financial literacy is a good idea for literally everyone. It can help you save thousands, and the more you know how to automate, the less time you'll fritter away worrying. Being single may be expensive, but it does force you to know your stuff. The best way to handle your money and help it grow is to ask questions. There's no shame in getting curious about something that can do so much for your future selves.

Advertisement