Financial Well-Being Among U.S. Adults: Exploring the Role of Gender and Marital Status

This study examines the relationship between gender, marital status, and financial well-being among U.S. adults, drawing on data from the 2021 National Financial Capability Study (NFCS). Financial well-being was assessed using both a single-item measure and a five-item scale developed by the Consumer Financial Protection Bureau (CFPB). Ordinary Least Squares (OLS) regression analyses were used to explore the individual and interaction effects of gender and marital status, controlling for socio-economic factors such as income, education, employment status, home ownership, health insurance coverage, dependent children, and financial knowledge. Further analyses were conducted using six composite variables that combined gender and marital status to investigate financial well-being further. The findings underscore disparities in financial well-being associated with both gender and marital status. Women, particularly those experiencing marital disruptions (being separated, divorced, or widowed), consistently reported lower financial well-being across both financial well-being measures. Notably, including an interaction term of gender and marital status in the analyses revealed compounded disadvantages for women who were single or were separated, divorced, or widowed. On the contrary, single men demonstrated higher levels of financial well-being when evaluated using the CFPB five-item financial well-being measurement. The results highlight the importance of economic empowerment initiatives and targeted financial interventions and policies that specifically address the vulnerabilities faced by women facing marital disruptions. The study contributes to the existing literature by providing nuanced insights into how demographic identities shape financial well-being. Additionally, it emphasizes the need for improved financial education programs and policy reforms to bridge identified gaps and promote financial well-being and empowerment.

Grantor dc:publisher

University of Alabama Libraries

Year dc:date.issued

2025

Author dc:creator

• Gonyoe, Godwin Dellah

Advisor dc:contributor.advisor

• Kim, Kyoung

Contributors dc:contributor

• Wilmarth, Melissa
• Shin, Hhye

• Financial Knowledge
• Financial Well-Being
• Gender
• Marital Status

Statement dc:rights

• All rights reserved by the author unless otherwise indicated.

Language dc:language.iso

en_US, English

Dc Identifier Other

1178635

OAI identifier oai:identifier

oai:ir.ua.edu:123456789/17113