Financial Issues and Millennials’ Partnered Relationships Satisfaction

By Dr. Wisler Antoine

The purpose of this study is to establish the relationship between financial issues and millennials’ partnered relationships satisfaction. Furthermore, in the analysis of this topic, there are three main financial issues being discussed. These financial issues are the following: financial management, financial problem, and financial distress. These were used as the determining factors in assessing the level of satisfaction for millennials’ partnered relationships. The quantitative method was used in this study; by carefully selecting 385 participants whose ages range from 25-36 years old. Provided that they had stayed together for at least three years, these millennial participants were randomly picked from the United States of America (USA).

In the course of this study, variables including their gender, educational level, and income, were the primary focus. The results revealed that 90% of the selected millennials’ in partnered relationships, (who did not adopt the policy of financial management), ended up having financial problems which eventually led them into financial distress. From the results obtained, it was concluded that in order for the millennials (in partnered relationships) to have a successful financial satisfaction, they have to and ought to know how to manage their finances well. Managing one’s finances efficiently would definitely help in reducing our financial problems, which in turn might reduce financial distress, and the couples can enjoy a high level of financial satisfaction with their relationships.

• Language: English
• Publisher: Xlibris US
• Release date: Nov 6, 2020
• ISBN: 9781664140479

Dr. Wisler Antoine

The man behind the brilliant idea of this book is Dr. Wisler Antoine. He is a Respiratory Therapist by profession with a Bachelor of Science degree. He has also undergone a lot of trainings and seminars to improve his skills in his field, the very core foundation in making him a well-trained, a licensed and a registered Respiratory Therapist. Since it has always been his desire to be involved in the medical field, he always made himself available to be of help to others. In this way, he can sharpen and master his love for medicine specifically, to become a specialist in Psychology. He has already equipped himself with the basic knowledge added with the right attitude by having his master’s degree in Healthcare Administration and also his Doctorate degree as a Doctor of Psychology. He constantly takes the opportunity to improve his scientific knowledge and understanding, so that he can be more productive to his community in particular and to humanity in general. His core value in his professional career is to save lives at all costs. He also wanted to have a major contribution in the field of Psychology, that may influence and inspire the younger generations- to also impart their love to help others. He gets a major thrill whenever he helps someone with breathing problems, by enabling them to breathe better and go on with their daily commitments. He is always compassionate in his work, as he offers emotional support to all his patients. According to him, “Being kind - always goes a long way into someone else’s life.” He is also a very detail-oriented individual in everything that he is doing, which makes him a great Respiratory Therapist. He is keen in providing the proper medical assistance needed at the required time. His personality as an extrovert, also helps him in knowing how to effectively communicate to his patients ensuring that they will receive the best service there is. He is also venturing into the writing business, as he has written a book by the name “Financial Issues and Millennials’ Partnered Relationship Satisfaction”. The inspiration behind writing this book, is to research on the various reasons why millennials should venture into partnering with other peers, especially in the business world as well as to expound more on the financial issues that millennials undergo in partnered relationships.

Book preview

Copyright © 2020 by Dr. Wisler Antoine.

All rights reserved. No part of this book may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without permission in writing from the copyright owner.

Any people depicted in stock imagery provided by Getty Images are models, and such images are being used for illustrative purposes only.

Certain stock imagery © Getty Images.

Rev. date: 10/31/2020

Xlibris

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820931

Financial Issues and Millennials’ Partnered

Relationships Satisfaction

A dissertation submitted

by

Wisler Antoine

March 2020

to

Ashford University

Upon the recommendation of the faculty and the approval of

the Board of Trustees, this dissertation is hereby accepted in

partial fulfillment of the requirements for the degree of

Doctor of Psychology

Approved by

55518.png

-------------------------------

Laura Rolen, PhD

Committee Chair

Committee Member

Audra Gardner, PhD

CONTENTS

Acknowledgment

Abstract

I     Introduction

General Statement

Statement of the Problem

Purpose of the Study

Importance of the Study

Significance of the Study

Significance of Relationship Counselors

Significance of Financial Therapists

Theoretical Framework

Financial Management

Financial Problems

Financial Distress

Relationship Satisfaction

Research Questions and Hypotheses

Overview of the Research Design

Definition of Key Terms

Assumptions and Limitations

Summary

II   Literature Review

The Role of Partners in Financial Management

Relationship between Financial Wellness and Well-Being

Financial Management

Financial Problems

Financial Distress

Search Strategy

Theoretical Foundation

Summary

III   Method

Methodology Selected

Research Questions and Hypotheses

Population and Sampling

Ethical Concerns

Instrumentation

Data Collection

Data Analysis

Validity

Summary

IV   Results

Data Collection

Data Analysis and Results

Reliability of These Four Instruments

Results of Correlational Analysis

Correlational Coefficient

Inconsistencies and Contradictions in the Findings

V   Discussion

Review of the Need for the Study

Review of the Purpose of Research

Review of Research Questions that Guided the Study

Brief Restating of Findings Found in Chapter IV

Restatement of the Research Problem

Separation

Interpretation of Findings

Conclusions that Address Research Questions and Hypotheses

Careful Examination of all Findings that Support or Reject the Hypotheses

Further Support of Findings by References to Results of Chapter IV

Limitations of the Study

Possible Personal Biases and Preconceived Ideas and Values

Impact of the Researcher on the Participants

Conclusion

References

LIST OF TABLES

Table 1.   Sample Characteristics

Table 2.   Inferential Results for Financial Management vs. Relationship Satisfaction

Table 3.   Internal Auditing

Table 4.   Inferential Results for Financial Problems vs. Relationship Satisfaction

Table 5.   Inferential Results for Financial Distress vs. Relationship Satisfaction

Table 6.   Inferential Results for Financial Distress vs Financial Problems

Table 7.   Correlational Coefficient

LIST OF TABLES

Figure 1. Correlational schematic

LIST OF APPENDIXES

Appendix A:   Sample Characteristics

Appendix B:   Financial Management Instrument

Appendix C:   Financial Problems Instrument

Appendix D:   Financial Distress Instrument

Appendix E:   Relationship Satisfaction Instrument

Appendix F:   Inferential Results for Financial Management vs. Relationship Satisfaction

Appendix G:   Inferential Results for Financial Problems vs. Relationship Satisfaction

Appendix H1:   Inferential Results for Financial Distress vs. Relationship Satisfaction

Appendix H2:   Inferential Results for Financial Distress vs. Relationship Satisfaction

Appendix I:   Inferential Results for Financial Distress vs. Financial Problems

Appendix J:   Introductory Statement

Appendix K:   Informed Consent Form

Appendix L:   Permission to Use the Financial Management Scale

ACKNOWLEDGMENT

With a balmy heart, I would like to thank

from the bottom of my heart these magnificent

people who helped me to realize this milestone

and wonderful doctoral project:

Dr. Laura Rolen

Dr. Audra Gardner

ABSTRACT

The purpose of this study was to establish the relationship between financial issues and millennials’ partnered relationships satisfaction. In further analysis of this topic, there were three main financial issues that were discussed. These financial issues—namely, financial management, financial problem, and financial distress—were used as determining factors in assessing the level of satisfaction for millennials’ partnered relationships. The quantitative method was used. There were 385 participants between twenty-five and thirty-six years of age who had stayed together for at least three years; these millennial participants were selected in the United States of America (USA). In this study, variables—including gender, education level, and income—were the primary focus. The results were that 90% of millennials in partnered relationships who did not adopt the policy of financial management ended up having financial problems, which eventually led to financial distress. From the results obtained, it was concluded that for millennials in partnered relationships to have a successful financial satisfaction, they need to know how to manage their finances. Managing finances efficiently may help in reducing financial problems—which, in turn, may reduce financial distress—and the couples may enjoy a high level of financial satisfaction with their relationships.

Key words: financial management, financial problem, financial distress, and relationship satisfaction

CHAPTER I

INTRODUCTION

General Statement

During the transition to adulthood, young adults are noted to come across a number of life choices that include marriage, cohabitating, partnered relationships, graduating from college, as well as moving out of their home or their parents’ domains. The choices that they take are influenced by some financial factors. According to Van Lankveld et al. (2018), A partnered relationship is a strong emotional romantic state between two individuals to connect together (para. 2). This study investigated how partnered millennials in romantic relationships are affected by financial issues, and this dissertation focused on these three main economic factors: financial management, financial problem, and financial distress. In this study, it is important to note that the failed millennial partnered relationship focuses on the financial point of view, unlike other relationships that only dwell on the social point of view. Consequently, it is essential to consider studying the failed millennial partnered relationships to ensure they develop useful financial skills and experiences of meeting daily challenges.

The researcher endeavored to explore the economic hardships that millennials in partnered relationships experience and how they approach financial difficulties. It is important to note that the financial difficulties that these millennial partnered couples come across help to shape their ways of launching into adult life at the present time as well as in the future (Rea et al. 2016). People make financial decisions that end up causing them stress. Unsuccessful financial choices may cause additional stress in the lives of the millennial partnered couples. Thus, money may be identified as one of the primary sources of stress in the lives of the millennial partnered couples.

Statement of the Problem

Recently, millennials have experienced frequent breakups, resulting in low satisfaction levels in the millennial partnered relationships. Many of the breakups are in the United States, although other nations are affected as well (Shimek and Bello 2014). The biggest problem is low satisfaction in such formations; thus, there is a need to find out the reason for the frequent occurrence of such scenarios. The study also investigated the viable solutions to such breakups, such as whether individuals of the millennial generation form partnerships without knowing the challenges likely to be encountered. This study is essential to help relationship counselors as well as financial therapists who deal with people who face challenges after forming such partnerships. Issues concerning money are quite sensitive, and partners are continually arguing about the challenges that emerge due to substantial financial losses (Rea et al. 2016). The problems can increase tension between the partners, creating an environment that is not conducive for financial counseling. Such financial-counseling meetings may turn into shouting matches, making it impossible to arrive at a viable solution.

The main issues addressed in the study relate to financial management, financial distress, and the economic problem faced by the millennial partnership. Evaluating satisfaction level may be of great importance in this research, thus facilitating the formulation of the primary hypothesis. The arguments by different scholars help to defend the topic. The primary argument relates to the impact the financial factors have on the millennial partnered relations.

There are several definitions about the millennials’ time frame; one example among many, according to Pyöriä et al. (2017), is that millennials were born between 1980 and 1990. In this study, this millennial time frame is arbitrarily chosen: 1979 to 1994 (Myers and Sadaghiani 2010).

Some millennials in partnered relationships find themselves arguing about financial issues, which, with time, intensify and can lead to breakups. This then signifies that issues on finances usually dictate a significant percentage when it comes to assessing the level of satisfaction within millennial partnered relationships, especially in the United States (Killewald 2016). The above general statement and the statement of the problem of the topic under study pave the way for establishing the purpose and the importance of the study. As illustrated on the section of the purpose and importance of this study, the three primary financial issues (financial management, financial problem, and financial distress) may have an enormous impact when it comes to evaluating the level of satisfaction within millennial partnered relationships. The analysis of this general statement and the statement of the problem help to frame the primary hypothesis of the paper, together with other supportive arguments by scholars on how to defend the topic.

The main argument here is that if there is detailed information concerning the impact of financial factors on romantic relationships, millennial partnered relationships will be able to overcome the economic challenges that they may encounter when they get into a partnered relationship. This specific study was aimed at identifying the best financial management methods that would be important in managing millennial partnered relationships’ finances. It would also be easy for the millennials to be able to have better relationships in terms of providing adequate financial solutions. The main reason for carrying out this investigation was because few studies have been conducted on the topic. More studies on this topic mean that the situation of the finances of the millennial partnered relationships would be raised to higher levels, which would, in turn, lead to satisfaction for the millennial participants in the partnered relationship.

Also, the researcher had an objective of understanding the money management practices between millennials in partnered relationships experiencing transitions. An example of such transitions includes buying new houses with loans or cash. If millennials partnered in relationships had a clear understanding of financial management, they would be in a position during the time of need for rightful decisions concerning the relationships’ finances. The information may also be used by relationship counselors and financial therapists in the quest of identifying problems that would be present