ITHACA, N.Y. – The more stressed out people are about finances, the less likely they are to talk about money with their romantic partners, according to new Cornell University research.
By acknowledging the impact of financial stress on willingness to communicate and exploring strategies to overcome barriers, couples can strengthen their bond and work together towards financial well-being.
Utilizing both real-world correlational data as well as experimental data, the researchers found compelling evidence that financial stress plays a significant role in hindering communication between partners about finances.
The paper, “Discussing Money With the One You Love: How Financial Stress Influences Couples’ Financial Communication,” published in the Journal of Consumer Psychology.
“This is the first thing that fascinated us about this topic – that financially stressed individuals who need to have these conversations the most are the least likely to have them,” said Emily Garbinsky, associate professor of professor of marketing and management communication, who co-authored the paper with Suzanne Shu, professor of marketing.
Characterized by feelings of being overwhelmed with spending, struggling to meet financial obligations, and worrying about money management, financial stress affects a staggering 70% of Americans. Even individuals who are objectively well-off can experience financial anxiety. This stress not only creates conflict but also depletes cognitive resources, making it harder for individuals to engage in constructive conversations with their partners.
One common strategy for dealing with anticipated conflict is to avoid it altogether. When individuals expect discussing financial matters with their partner to lead to conflict, they are more likely to avoid these conversations. Importantly, what the research team uncovers is that this avoidance stems from the belief that financial conflicts with a partner are perpetual rather than solvable.
Researchers analyzed survey data from thousands of participants who either completed the Consumer Financial Protection Bureau’s National Financial Well-Being Survey or a survey conducted by the National Center for Marriage Research. Both sets of survey results confirmed that higher levels of financial stress are associated with less communication about finances with a partner. Additionally, a pilot study revealed that individuals anticipate greater conflict when discussing financial stressors compared to other common stressors, such as work-related issues.
The research also suggests that changing individuals’ perceptions of financial conflicts could potentially improve communication between partners.
“When individuals view financial conflicts as an issue they can solve as a team, rather than as a lasting perpetual disagreement, they are more willing to initiate conversations about money with their partners,” Shu said. “This finding highlights the importance of reframing how couples approach financial discussions to foster healthier communication patterns.”
For additional information, see this Cornell Chronicle story.
Cornell University has dedicated television and audio studios available for media interviews.
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Journal
Journal of Consumer Psychology