Marriage and Money Myths — and Why the Economy Feels 'Off'

9 snips

Feb 20, 2025

Lauren Schwahn, a NerdWallet Personal Finance Writer, dives into the financial intricacies of marriage. She discusses how marriage can influence taxes, credit scores, and debt management between partners. They explore the misunderstandings surrounding joint credit and the importance of individual credit histories. The conversation also touches on estate planning, healthcare decision-making, and how to maintain financial transparency in a relationship. Plus, insights on how economic indicators often don't tell the full story for middle and low-income Americans.

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INSIGHT

Outdated Definitions

Government economic stats are based on outdated definitions from the 1930s.
These don't reflect the realities of modern part-time work and wages.

ANECDOTE

Homelessness Near Federal Reserve

Eugene Ludwig noticed growing homeless encampments near the Federal Reserve.
This contrasted with positive economic numbers, prompting his investigation.

INSIGHT

Functional Unemployment

Standard unemployment statistics don't consider those working part-time involuntarily or not earning a living wage.
A 'functionally unemployed' measure reveals a much higher rate.

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Understand the financial pros and cons of marriage, from taxes to credit scores, and how it impacts your future.

Is the economy as bad as people think it is? How does your spouse’s credit and debt affect your finances? Hosts Sean Pyles and Elizabeth Ayoola discuss marriage and money to help you understand the financial implications of tying the knot. But first, NerdWallet Senior News Writer Anna Helhoski interviews Eugene Ludwig, chair of the Ludwig Institute for Shared Economic Prosperity, about why traditional economic data may not accurately reflect the financial struggles of middle- and low-income Americans. They explore how unemployment statistics overlook underemployment, why inflation feels worse for lower-income earners, and how policymakers could improve economic measurement tools.

Then, NerdWallet Personal Finance Writer Lauren Schwahn joins Sean and Elizabeth to break down the financial side of marriage. They discuss how taxes work for married couples, whether getting married affects your credit score, and how to protect your finances when one partner has significant debt. They also cover estate planning advantages, health care decision-making, and strategies for managing money as a couple with different financial backgrounds.

How to dispute credit report errors to get mistakes or outdated information off your credit history: https://www.nerdwallet.com/article/finance/dispute-credit-report

In their conversation, the Nerds discuss: marriage and money, financial benefits of marriage, marriage tax penalties, combining finances, marriage effect on credit score, debt and marriage, should I get married for financial reasons, estate planning for couples, joint bank accounts pros and cons, student loans and marriage, how to protect finances in marriage, marrying someone with bad credit, mortgage and marriage, how to talk about money before marriage, economic perception vs reality, cost of living vs wages, how inflation affects real wages, and CPI accuracy.

To send the Nerds your money questions, call or text the Nerd hotline at 901-730-6373 or email podcast@nerdwallet.com.

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