Issue link: http://www.epageflip.net/i/1096066
18 | SPRING 2019 Money is a frequent cause of relationship disharmony — particularly when one partner decides to take the wheel. The problems inherent with a single person assuming responsibility for handling finances don't end over differing spending habits and miscommunication. A recent study published in the Journal of Consumer Research reveals that abdicating responsibility for your finances can lead to a significant decrease in financial literacy, the effects of which become even more pronounced over time. One premise of the study: When relationship partners lean on the expertise of the other, they don't need to know everything — just simply who knows it. In many cases, one side of the partnership frequently is content handing over management of finances to the person they feel is best qualified or the primary breadwinner. However, specializations that naturally evolve over time can result in ever-widening gaps in knowledge, with the uninvolved partner potentially remaining ignorant of the information or decisions involved. Jamie Fatheree, a Financial Wellness Coach for American Airlines Federal Credit Union, preaches that a deliberate shared approach can not only head off gaps in financial literacy, but also resentment that can occur from one side dealing with the stressful demands of handling shared finances. Navigating the murky waters of financial management as a couple can be tricky — but it doesn't have to be turbulent.