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“She seems to really like doing the finances—and she’s better at it than I am.”The growing number of wives who, like Jehan Chase, make as much as or more than their husbands is having a profound impact on the way that married couples manage their money and how they feel about their financial union.
That’s the clear takeaway from a new national MONEY survey of more than 1,000 married adults ages 25 and older.
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When she graduated from college two decades ago, Jehan Chase had traditional expectations about money and marriage.
She figured she’d soon fall in love, settle down, and, once she was wed, turn over managing the family’s finances to her husband.
“I thought it would be nice not to have that responsibility,” she says. Instead, Jehan, 44, stayed single until two years ago; by then she’d built a successful career as a government attorney and had become accustomed to managing her own money.
To hear the ex-hippies and Summer of Love enthusiasts tell it, the spring and summer of 1967 in San Francisco changed everything, especially sex.
After her marriage to Seth, 40, an advocate for a nonprofit who makes a good deal less than she does, Jehan continued to take the lead in managing money for the Alexandria, Va., couple—partly out of convenience, since Seth already had his hands full taking care of his disabled mother and sister, and partly because she didn’t want to cede control.
She says, “I’m comfortable being in charge of the finances.”For his part, Seth, who had been the bigger earner in his previous marriage, says the income role reversal took some getting used to.
"Today we are accepting the recommendations of the Institute of Medicine, so no woman in America needs to choose between paying a grocery bill and paying for the key care that can save her life." The new requirement does not affect health plans in effect before March 23, 2010.
These "grandfathered" health plans include most employer-sponsored plans.