Data suggests "married couples seem to build more wealth on average than singles or cohabiting couples.”

Save up to marry or marry to save up?

Peter Jon Mitchell

Money might not be the first thing to come to mind when considering getting married – thankfully. Yet, economics can help explain why some folks tie the knot while other couples do not.

At first glance, the cost of a wedding alone might cause couples to reconsider. The estimated average cost of a wedding in 2013 was $23,458. At even half that amount, the cost might delay or deter getting married. While couples bemoan the price tag (for good reason), larger economic forces are also at play.

There is no doubt that financial insecurity is holding some people back from entering marriage.
Economic barriers to getting married

American-based sociologists Pamela Smock, Wending Manning and Meredith Porter interviewed working and lower middle class cohabiting couples. They asked them about transitioning to marriage.

One-third of their respondents indicated that ‘the money needed to be in place’ before getting married. And yes, one-fifth of respondents wanted to have enough money for a ‘real’ wedding before tying the knot. Respondents also said that better employment prospects were a prerequisite for marriage, particularly when it came to employment for male partners. Some individuals suggested that a combination of goals like completing education and steady work were needed before considering marriage. In total, 72 percent of the sample identified at least one economic factor as a prerequisite for getting married.

The sociologists conclude that many believed they needed to be economically stable before getting married. Marriage, for them, was a symbol of finally achieving this stability.


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