An Investigation of the Roles of Husbands and Wives in Family Financial Decision Making Processes: Preliminary Results

Abstract

Financial tasks and decisions are an increasingly important aspect of family decision making and economic related behavior. Decisions regarding budgeting, savings, investment, alternative financial services, bill payment, and credit usage are among the many financial responsibilities that must be considered and resolved by most families, as well as the choice of the spouse that will participate in the many routine tasks associated with financial behavior (bill payment, bank transactions etc.). Current environmental and social changes that have taken place within the last decade have brought about changes in family decision making behavior. Major changes in the status of women and their employment in the work force have led to changes in the roles of women within the family decision making context. Changes have also occurred in gender role norms women hold for themselves and their spouses. Increasing educational levels, rising occupational status, and higher incomes among women have brought about increased personal resources, decreasing time flexibility, time pressures, and shifts in gender role norms among many wives (Scanzoni 1978). Thus, there are many possibilities for a variety of alternative roles in family financial behavior.