Marriage is a legal union between two people that establishes rights and obligations between them, and their dependents. It is a binding of two individuals’ dreams, hobbies, fears, and family. Yet while it may not be anyone’s first thought, marriage is also considered a wealth-generating institution.
There are several wealth-related benefits that married couples receive. First, they are more likely to save money–and more of it. Second, they are able to save on shared expenses. Third, stable couples are able to avoid the costs associated with divorce, like child support or alimony.
These wealth-generating aspects of marriage are researched by groups such as the National Marriage Project. Stephanie Knarr Ph.D., is a supporter of the National Marriage Project and National Marriage Week. She is hosting an upcoming event, The Gottman Art and Science of Love Weekend Retreat Workshop, for married couples during National Marriage Week on February 11-12, 2023, in Baltimore, MD: The Gottman Art and Science of Love Weekend Retreat Workshop. Event information can be found at https://www.drstephanieonline.com/media/couples-weekend-retreat/ and at https://www.nmwusa-calendar.org/ on the National Marriage Week Calendar.
Research
According to data pulled from the National Longitudinal Survey of Youth (1979 cohort), stable, married couples in their 50s have nearly double the wealth as compared to individuals who never married on average. This is consistent across racial and education lines.
The reasons for these differences are researched by the National Marriage Project, among others. The NMP is a nonpartisan research project based out of the University of Virginia.
They are dedicated to measuring the pulse of marriage in America. In addition, they examine the influences on this generation of marriage.
Saving Money
Part of the reason for this wealth gap between married and unmarried individuals is fewer obstacles for married couples. Financial services experts Fiduchi explains that married couples have united goals that they work towards.
This shared plan makes both individuals more likely to save, and these long-term plans provide something to strive for.
On top of this, most marriages within the younger, current demographic consist of both parties bringing in paychecks. Long gone are the marriages with one working spouse. Although it is achievable, it is not as common within this generation.
Shared Expenses
Another major aspect that improves wealth is the fact that partners can save by sharing expenses. By utilizing two paychecks against one mortgage, rent, or other bills, married couples can reduce their monthly expenses and increase savings.
Pooling financial assets in a marriage is best, however, a yearly meeting to update and audit financial goals and retirement plans is essential.
Stable Marriages Come with Many Benefits
Marriages that don’t last will end in a plethora of costs. There are legal costs, moving costs, the loss of consolidated expenses, child support, alimony and the like.
Then there is the initial bias that stable marriages necessitate the two people to have a good sense of decision-making, finances, trust, and long-term commitment. Even prior to marriage, both individuals should be financially established.
Retirement
Studies have also concluded that married couples in retirement are more satisfied than their single counterparts.
In a 2012 study by the National Bureau of Economic Research shows that married couples of median retirement age, between 65-69 have almost 10 times as much savings as a typical single person household and feel more financially stable.
Final Thoughts
It is clear that there are many benefits to a long-term, stable marriage to include wealth. Marriage can be a surprising anti-poverty method, as the many benefits of marriage are not dependent on a couple’s color or creed. Stephanie Knarr Ph.D. shares research and helps couples to practice new strategies for their relationship during The Gottman Art and Science of Love Weekend Retreat Workshop. Most couples who have attended the Art and Science of Love have reported that their relationship improved and they created a more successful, stable marriage relationship.
