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Families having twin incomes generally have more money to spend as well as money to save. Yet as everyone knows making money is easier compared to saving money. Similarly two incomes are spent just as easily and as quickly as one.
If the mother decides to stay home after children are conceived can greatly affect the standards of living for the family. Such couples have highly variable and completely diverse needs compared to their single income counterparts.
In dual income families, there is obviously a marked sharing of household duties. Since both partners have to balance the needs of work and home, sharing becomes essential. Despite this liberal attitude, dual income families show the least tendency towards savings despite having two incomes.
Dual-income families buy less permanent life insurance since they view the second income as 'insurance' against loss of the first. They prefer to live in a surrealistic world of complacency and procrastination.
Financially, the dual income family is part of a fairly complex situation. Both the partners pool their resources together. This enhances their standard of living and helps them in achieving financial independence. On the other hand, the increased level of expenditure and desire for a better lifestyle invites increased taxes, creating a challenging situation.
