Married and cohabiting women's financial empowerment: A study on women's bank account ownership in Spain

Objective

The goal was to examine the conditions under which young adult women (aged 25–50) in heterosexual couples maintain their economic independence through a personal bank account.

Background

Research has shown that in Spain, the pooling of economic resources is seen as an important aspect of being a couple and as a symbol of togetherness. However, in practice, joint management can be characterized by inequalities on several levels, such as access to money, control over money, and personal spending. Few studies have focused on household financial organization in Spain, and studies of women's financial autonomy are lacking.

Method

We conducted a cross-sectional analysis of couples aged 25–50 in Spain (N = 1,281) using data from the 2020 National Survey on Family Life.

Results

The findings reveal that women are significantly less likely to have a personal bank account if either partner does not endorse values of economic autonomy, the couple is married with children, or, if the male partner earns significantly more.

Conclusion

The results suggest that there is still a long way to go for Spain to reach the levels of women's account ownership seen in countries such as those in Northern Europe. It is important to incorporate women's account ownership into the investigation of financial organization, given its substantial implications for women within couples and those navigating relationship dissolution.

Implications

Government programs should promote women's account ownership. Also, policies targeting financial literacy can incorporate dimensions such as basic budgeting, saving, and debt management so that women can gain further financial skills.