Do Financial Barrier Beliefs About Marriage Predict Building Wealth? Latent Growth Curves of Emerging Adults’ Financial Barrier Beliefs, Assets, and Debt

Abstract

Scholars have found that among emerging adults, financial barrier beliefs about marriage—like believing financial independence should be achieved prior to marriage—appear to be common. Despite the prevalence of beliefs about finances regarding marriage readiness, scholars have not established whether and how these financial barrier beliefs about marriage predict emerging adults’ debt and assets over time. Through the lens of marital paradigms theory, we sought to address this gap by examining whether and how the initial level and changes in financial barrier beliefs about marriage predict changes in young emerging adults’ debt and assets across four waves of data from 1,033 young U.S. emerging adults. We found that, on average, financial barrier beliefs about marriage increased, assets were relatively stable, and debt increased over the early years of emerging adulthood. We also found that increases in emerging adults’ agreement with financial barrier beliefs like ‘finances are a barrier to marriage’ over time were associated with a decrease in assets over time. However, neither the initial level nor changes in financial barrier beliefs about marriage predicted changes in debt over time. In short, our findings provide some evidence that beliefs like a certain amount of money should be saved before marriage, somewhat paradoxically, do not appear to help young emerging adults build their assets.