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

Iryna P Yakymchuk,Halyna M Bevz,Ilona V Rashkovska,Serhii M Olkhovetskyi,Maryna O Martseniuk

doi:10.34069/ai/2021.42.06.12

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 socio-economic 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 economic anxiety, while husbands showed economic optimism. The severity of financial stress correlates with assessments of family cohesion. Correlations between financial well-being and coping behavior of husbands and wives represent the 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.

Highlights

Our study is topical and important primarily because of the global economic downturn due to the COVID-19 pandemic
In 2020, humanity plunged into a new social crisis, which proved to be long and affected all aspects of life
The sample consisted of 136 Ukrainian married couples (136 men and 136 women) who were in a partnership from 4 to 15 years

Summary

Introduction

Our study is topical and important primarily because of the global economic downturn due to the COVID-19 pandemic. As a result of the closure of many industries, workers were often sent on unpaid leave or fired. This is an unprecedented event with the financial, physical and mental consequences comparable with the Great Depression (Center for Financial Social Work, 2020). The economic consequences are quite obvious, the psychological effects need indepth study, as financial stress has increased psychological vulnerability in this emergency. The pandemic has posed a number of serious challenges to the scientific community, but it has created unique conditions for monitoring the development of stress reactions and their consequences, including a deeper study of the financial crisis in families

Methods

Results

Discussion

Conclusion