Expectations and Information Frictions Within Couples: Evidence from a Sequential Survey of Spouses

Adeline Delavande, Gizem Kosar and Basit Zafar

No 1154, Staff Reports from Federal Reserve Bank of New York

Abstract: This paper combines descriptive and experimental evidence to examine how expectations align and information flows within couples. Using an online survey of 2,200 middle-aged U.S. married couples, we focus on expectations about Social Security benefits. We first document substantial misalignment: the correlation between spouses’ expectations about a given partner’s benefits is 0.70, below full agreement, and varies systematically with couple characteristics, reaching as low as 0.45 for couples with belowmedian earnings. To identify causal information spillovers, we implement a randomized information experiment paired with a sequential survey design in which one spouse receives targeted information and the other is surveyed later. Information provided to one spouse partially spills over to the other, with the effect on the untreated spouse about half that on the treated one. Spillovers are larger when communication barriers are low and the information is more valuable. Finally, the information treatment improves conditions for more efficient intra-household decision-making.

Keywords: Information; spillovers; expectations; Household financial decisions; frictions; Social Security benefits; retirement (search for similar items in EconPapers)
JEL-codes: D13 D83 D84 J12 (search for similar items in EconPapers)
Pages: 75
Date: 2025-06-01
New Economics Papers: this item is included in nep-age and nep-exp
Note: Revised January 2026. Previous title: “Information Spillovers Within Couples: Evidence from a Sequential Survey of Spouses.”
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Working Paper: Expectations and Information Frictions Within Couples: Evidence from a Sequential Survey of Spouses (2025)
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DOI: 10.59576/sr.1154

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