Experiencing and overcoming financial stress in married couples: A study in COVID 19 pandemic era

Abstract

The article analyzes interaction of spouses in overcoming financial stress. An online survey of 136 married couples was conducted during the lockdown caused by the spread of COVID-19 accompanied by family income losses. Frequency and severity of discussions on financial topics; level of subjective economic well-being, activity of coping strategies, family cohesion and adaptation were measured. Results showed that the discussion of financial topics is a stressor for married couples, accompanied by contradictions and conflicts, but ultimately helps to improve quality of relations between spouses, and also increases the adaptability of the family system in a situation of socioeconomic crisis. Subjects of conflicts were defined. Influence of gender roles on financial consciousness and behavior was shown. Wives are more likely to initiate discussions on economic topics and more inclined to cohesion. Correlations between financial wellbeing and coping behavior of husbands and wives represent the economic anxiety, while husbands showed economic optimism. The severity of financial stress correlates with assessments of family family as an entire open system. Partners are interdependent in overcoming financial stress. Collective family coping is determined by individual reactions of spouses. The efforts of partners can be congruent and complementary.