Make Ends Meet: Impact of finances on marriage
LOUISVILLE, Ky. (WAVE) - Are marriages truly on the decline?
According to Clever, a real estate data company, the short answer is yes.
The national marriage rate has declined 60% over the last 50 years and according to the latest research from Clever, a lot of the “I don’t” when it comes to not saying “I do” is all about money.
Clever’s found 65% of Americans say their partner having too much debt is a dealbreaker in deciding not to get married.
Research showed Baby Boomers love marriage, but for other generations, the times and traditions have changed. Sam Huisache is a Data Writer at Clever and studies the research in detail.
“1 in 4 Americans think marriage is an outdated concept,” explained Huisache.
Is the white picket fence, the kids and the til death do us part obsolete? If it is not obsolete, it certainly looks a lot different from it used to.
“When people think about marriage maybe even like 50 years ago, they saw it as a man and a woman together,” shared Huisache. “The man leaves the house. He goes out there and he works.”
According to a 2023 study by the Center for Creative Leadership, women now hold 50.04% of all jobs in the US. This change many believe has also changed the institution of marriage.
“But more and more women are in the workforce now more than ever in history,” stressed Huisache. “Women, in particular, are feeling I don’t need to get married to support myself.”
In many instances today, when people are willing to tie the knot, they are not willing to get tied up by big bills and outstanding debt.
“65% of Americans say that having a lot of debt is a dealbreaker,” proclaimed Huisache.
Clever Real Estate’s research shared that money-related issues contribute to about 1 in 6 divorces.
“The credit score itself is more important than marriage because I’m not even going to consider marrying you if we can’t actually buy a house together,” exclaimed Huisache with a laugh.
When it comes to those who are willing to say I do, 65% of those who participated in the survey were not willing to shell out big bucks for a big wedding.
“Significantly more than half of Americans would rather elope than put that towards a wedding,” shared Huisache. “The average wedding is $30,000.”
Generational differences are evident in how people approach dating and marriage. It’s not what your parents experienced.
”I’m pretty sure people are having conversations where it’s like if you wanna be serious, if you want to be in a committed relationship with me let’s go on credit karma and compare each other’s credit scores,” laughed Huisache. “Let’s have some transparency here.”
The news is not all grim when it comes to getting hitched.
”Nearly two in three married couples report improved finances after marriage,” shared Huisache.
54% of married couples were proud to say they discuss finances regularly. Huisache explained whether you are trying to make ends meet or make a lifelong match, start with making a good decision.
“It is a legally binding decision that can significantly impact your life,” stressed Huisache.
Money can really matter. The study found 1 in 5 Americans would consider marrying someone “solely” for financial reasons. Disturbingly, money-related issues contribute to about 1 in 6 divorces.
For more details on Clever’s study, click or tap here.
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