365. Tightwads and Spendthrifts with Scott Rick

Money talk can be a real minefield in relationships, especially if you and your partner or spouse have totally different spending habits. If this sounds familiar then you’ve got to check out our latest episode with Dr. Scott Rick, a behavioral scientist and the author of Tightwads and Spendthrifts. We tackle questions like whether tightwads and spendthrifts can actually find harmony together and uncover insights from his original research on the psychology of money management in relationships. Tune in to discover how your financial mindset could be impacting your love life and get actionable tips to transform your money management anxieties!

Listen and Learn: 

• How our psychology not only influences how we handle money, but the way we handle money also influences our psychology 
• Defining tightwads, spendthrifts, and unconflicted consumers
• Does research suggest who is more likely to be a tightwad or spendthrift, and are there differences beyond how much money they make?  
• The most harmonious versus more conflictual pairings among Tightwads and Spenthroots
• Are couples with joint accounts and some financial translucency more likely to have higher marital satisfaction than full transparency?
• Scott’s strategies for both tightwads and spendthrifts to manage their spending anxieties
• Why letting the tightwad parent handle toy purchases and the spendthrift plan vacations can lead to lasting family happiness
• How to teach your kids about money and responsibility while balancing their hobbies and preparing them for real-life financial decisions

Resources:

• scottrick.com
• Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships
• https://www.instagram.com/likelyshopping/
• https://www.linkedin.com/in/scottianrick/
• https://twitter.com/scottianrick

About Scott Rick

Scott Rick is a marketing professor at the University of Michigan’s Ross School of Business. He holds a PhD in Behavioral Decision Research from Carnegie Mellon University, where he was a National Science Foundation graduate research fellow. He has published research in premier journals spanning marketing, psychology, economics, and neuroscience. At the University of Michigan, he has won awards for both research and teaching. Rick's research has been covered extensively in outlets such as The New York Times, The Wall Street Journal, The Washington Post, and NPR. His first book, Tightwads and Spendthrifts: Navigating the Money Minefield in Real Relationships, was published in January 2024 by St. Martin’s Press.

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• 217. Redefining Rich with Shannon Hayes
• 291. Finding Freedom From Regret with Robert Leahy
• 284. Things We Love with Aaron Ahuvia
• 296. Money and Love with Abby Davisson

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