An Analytical Study of Economic Decisions and Life Satisfaction of Married Couples

Abstract Background: Nobel Prize winner Prof. Richard H. Thaler introduced the concept of mental accounting and proved that people consider alternative values more strongly than absolute values when making financial decisions. Therefore, when purchasing an item, not only is the value of the item significant, but also the satisfaction that comes with making the purchase. When it comes to money, people do not make decisions based solely on logic. Often, human emotions overpower the mind, which is why understanding psychology is also necessary, along with economics, to comprehend financial matters. This is what is called behavioural economics. A person's relationship with money is complicated. Greed, fear of the future, and the guilt that arises from spending are emotions that further complicate this relationship. The primary purpose of this study is to examine the economic decisions and life satisfaction of single and dual-income married couples. Methodology: The Sample for the study was collected from the Shrirampur Tehsil. Eighty single and dual-income married couples have been selected using the purposive sampling method. The Life Satisfaction test, developed by Dr. Q.G. Alam and Dr. Ramji Srivastava, was used to assess their satisfaction Status. Conclusion: Understanding human behavior behind economic activities by combining economics with psychology is significant. The findings of this study showed no significant difference in life satisfaction between single- and dual-income married couples. Results indicate a highly positive correlation between the economic decision-making process and life satisfaction among married couples with single and dual incomes.