Decomposing the Gender Divorce Gap Among Personal Financial Planners
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ORIGINAL PAPER
Decomposing the Gender Divorce Gap Among Personal Financial Planners Meghaan R. Lurtz1 · Derek T. Tharp2 · Katherine S. Mielitz3 · Michael Kitces4 · D. Allen Ammerman5
© Springer Science+Business Media, LLC, part of Springer Nature 2019
Abstract This study examines gender differences in divorce status among personal financial planners. Data for this study were collected in 2018 via Kitces.com; a website that provides continuing education to financial planners. The data set consists of detailed information on the backgrounds and practices of 583 financial planners in the United States. The associations between current divorce status and financial planner characteristics are estimated using a series of binomial logistic regressions. Female financial planners are found to be currently divorced at a rate nearly 270% higher than male financial planners. Blinder–Oaxaca decomposition analysis suggests that 34% of this gender divorce gap can be explained by the differences evaluated within this analysis. Among males, age and a desire for work-life balance are found to be positively associated with current divorce status, while agreeableness, working within an ensemble team structure, and a desire for lifestyle flexibility are found to be negatively associated with current divorce status. Among females, age and a desire for stable pay are found to be positively associated with current divorce status. Keywords Entrepreneurship · Divorce · Marriage · Financial planners
Introduction
* Meghaan R. Lurtz [email protected] Derek T. Tharp [email protected] Katherine S. Mielitz [email protected] Michael Kitces [email protected] D. Allen Ammerman [email protected] 1
Practice in Personal Financial Planning, Kansas State University, Manhattan, USA
2
Department of Finance, University of Southern Maine, Portland, USA
3
Human Development and Family Science, Oklahoma State University, Stillwater, USA
4
Reston, USA
5
Finance (MSF) Program, Georgetown University, Washington, DC, USA
Sustaining a healthy marriage while at the same time pursuing a career is not always easy. Households have a finite amount of time and resources, and couples must decide how to allocate those resources. Time invested in endeavors which may promote success in the labor market may come at the expense of investing that same time in one’s relationship. On the other hand, investing all of one’s time in a relationship may be counterproductive, as maintaining a successful career in the labor market among one or both members of a couple can provide both pecuniary and non-pecuniary benefits to a household. Entrepreneurship, as a unique type of occupational commitment, has been shown to have both positive and negative associations with household financial outcomes (Carter 2011), as well as one’s marital status and marital satisfaction (Liang and Dunn 2013). Entrepreneurs (and those in highly entrepreneurial fields) face unique work and relationship challenges compared to individuals who work as employees. Whereas emplo
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