This article reviews the theories and literature in intrahousehold financial decisions, spousal partners and financial decision making, family system and financial decision process, children, and financial decisions. The article draws conclusions from the literature review and discusses directions for future research and educational programs. Most financial education and counseling takes place at the individual level, whereas financial decisions take place at household and intrahousehold levels. Family members, spouses/partners, children, and others play a key role in individuals’ financial decisions. The article proposes the key programmatic implications for financial professionals and educators that need to be integrated into financial education and counseling. Understanding the unique dynamics of family financial decision making would help create effective educational and counseling strategies for the whole families.

Modern American families take many shapes, and financial educators must meet the needs of diverse family structures, including extended families. Extended family households have increased since the recent recession, and additional family members can be both a source of support and a burden to the household. This article reviews the literature on extended and shared households and their impact on individuals’ financial behaviors. The article explains the types of extended and shared households, informal and formal support relationships, family financial socialization, and subgroup idiosyncrasies. The article concludes with implications and suggestions for financial educators and researchers.