Financial Literacy in the Family Context: The Role of Spousal Education and Gender Among Older Couples

Abstract

We examine cross-spouse associations between education and financial literacy among older couples, net of own education, and whether the cross-spouse associations differ by gender. Using data from the Cognitive Economics Study, we employ multilevel actor–partner interdependence regression models to examine both the actor and partner associations between education and financial literacy (N = 205 dyads) and the moderating role of gender. Findings indicate that the partner association between education and financial literacy was moderated by gender. Husbands’ education was associated with wives’ financial literacy, net of own education and controls, but wives’ education was not associated with husbands’ financial literacy. The study adds to our knowledge of the role of the family context in financial literacy, net of own education. Results suggest that factors shaping financial knowledge may spill over from husbands to wives. Interventions to enhance older adults’ financial knowledge should take into account the family context and consider couple-based approaches.

Keywords

aging human capital linked lives actor–partner interdependence model cognitive economics study

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