OYF047: Does Money Affect Your Marriage?




The Marriage Podcast for Smart People show

Summary: There is a lot of discussion nowadays in the business world about work-life balance. Today I want to challenge and inspire you to think seriously about your work-marriage balance!<br> <br> Materialism is the excessive desire to acquire and consume material goods. Think about the choices and values you place on material things (things you can buy) and how that affects your satisfaction with your marriage.<br> Not that wealth is bad, nor is it wrong to prosper. Owning and enjoying material things is not bad either. What we see from the research is that it is not so much the value OF things but the value we GIVE to things and wealth that influences our marital satisfaction.<br> We’re going to look at four things: how marriage makes you wealthier, how work impacts marriage, how materisalism itself affects marital quality, and how starting a family sooner or later (as a financial/career decision) affects life and family satisfaction.<br> Marriage Makes You Wealthier<br> Zagorsky published his findings in the Journal of Sociology (2005) after conducting a study of individuals in their youth, then into their 20’s, 30’s and 40’s. He found:<br> <br> * Single people slowly increase their net worth over time<br> * Married people experience 77% more increase in net worth than single people<br> * On average, their wealth increases 16% for each year of marriage.<br> * Divorced people: wealth starts to decrease 4 years before the divorce and they end up experiencing an average wealth drop of 77%<br> <br> The message is NOT: Stay wealth – don’t get divorced! The message is, you have the opportunity to get married, go for it, and take care of your marriage because one of the usual blessings is an increased likelihood of growing your net worth.<br> Another thing, putting the heartache and really difficult consequences aside, it’s way cheaper to do counseling or coaching or marriage enrichment work early on and even when you feel like you don’t need it, than it is to go through divorce. Be proactive about <a title="OYF039: How Are You Enriching Your Marriage This Year?" href="how-are-you-enriching-your-marriage-this-year/" target="_blank">enriching and maintaining the quality of your marriage</a>!<br> Work Impacts Marriage<br> Maume and Sebastian surveyed 372 couples (Journal of Family Economics, 2012).<br> They discovered that for men, working a fixed night schedule lowered marital quality compared to men who worked fixed days. Also, marriages suffered when work schedules limited the time they could spend with their spouses. We’re not condemning you if this is what you need to do. We have good friends that have done this, but it’s hard!<br> For women it was a little different. Because of the expectations to get things done at home, outside-the-home-work was a disruption to family life, time for herself and time to engage with family members. This culminated in a negative marital effect if she was working rotating schedules, in particular.<br> If you’re feeling really stuck and feel you have no other options for work, then your task is to figure out ways you can make the best of it and compensate for this challenge.<br> Infidelity is something to keep in mind when in the workplace. A separate study showed that men with higher incomes are more prone to engage in infidelity. (Interestingly, for women, it’s the opposite.) Perhaps it’s because they spend more time in the workplace to create wealth, or perhaps only due to the fact that their professional and personal lives include more opportunity to engage in these elicit relationships.<br> “Researchers have found that around one-half of participants who had cheated on their partner and who sought therapy (due to problems in their primary relationship) had met their extradyadic partner through their work”.<br> We definitely need to be cautious about the impact that work can have on our marriages! Be aware of how decisions around work and career impact o...