Over time, much has changed in the institution of marriage: from the 1950s, when marriage was about bringing together the traditional roles of men and women to form a union based on practicality and compromise, to today, when it is largely seen as a equal partnership rooted in love and mutual respect.A growing number of individuals, however, are bucking a trend that stretches back centuries by choosing to unshackle themselves from society’s once-paramount norms.Written by Jay Zagorsky, the report, , closely followed the net worth of individuals throughout their 20s, 30s and early 40s, and found that the wealth of married respondents increased by around 14 percent for each year they were wed.
This is particularly the case when it comes to the wedding itself, with monetary gifts being customary in cultures around the world.
According to an IBISWorld report on wedding services, the global market is worth an estimated 0bn per year – and that number is just a fraction of the whole picture.
What’s less well known, however, is that marriage is also financially beneficial for the couple involved.
Coontz added: “The big story is the growing gap in marriage rates between educated, professionally employed people and less-educated workers whose real wages have stagnated or even fallen over the past 40 years.” Indeed, getting married is itself a marker of financial stability.
In many cases, couples wait and save until they are financially secure before taking this step, particularly if the intention is to have children one day.
“Today, those who are better educated and earn more are also more likely to get and stay married.