Marriage and money
Posted on December 22nd, 2008 – 3:08 PMBy Kara McGuire
There are plenty of reasons to partner up — companionship….support….retirement security?
Apparently, according to a recent Thrivent survey.
Married individuals are:
• Eight percentage points more likely to be optimistic about their personal financial well-being, 62 percent vs. 54 percent, as compared to single individuals. Ten percentage points more likely to be confident that they have the proper financial strategy in place to survive economic swings, 41 percent vs. 31 percent.
• Ten percentage points less likely to be somewhat or very doubtful that their nest egg will last through retirement, 55 percent vs. 65 percent.
• Five percentage points less likely to cut back on their giving to charity due to market worries, 32 percent vs. 37 percent.
• Four percentage points less likely to lose sleep over market worries, 11 percent vs. 15 percent.
Why? For one, joint income, which significantly raises median household income. on average. But also financial support and having another person to run your financial plans by before you sell all of your equities at the bottom, for example, or enter into an interest-only mortgage.
However, being married means you also have someone to argue with about how the family allocates its resources. Money is a leading cause of marital strife and of divorce. It’s no secret that kids are expensive. Marrieds with kids are more likely to file for bankruptcy than their childless counterparts.
So, Kablog readers, here’s your chance to vent anonymously about your S.O.
In your own relationship, do you think being married is a financial benefit or a liability? If you’re single, do you think you’d be better off with a mate?
5 Responses to "Marriage and money"
This item caught my eye. As a single woman, obviously I can only see one side of this. I am frugal and try to make wise choices. And I don’t have to be responsible for another person’s spending habits.
But there IS the mortgage and the basic bills. (And when I say basic bills, I will add that my downfall is relying too much on convenience food, as many singles do.) One the other hand, I hear my married friends talk about their “back-up” plans in case of one partner’s job loss.
And I watch the singles in the conversation squirm, because there really isn’t a back-up plan for us. And I’m sure I don’t speak for all singles, but the never-married women in my circles aren’t splurging on manicures and expensive trips. We’re trying to navigate this bizarre economic turn just like everyone else, only with one income and a lot of uncertainty.
We’re also trying to make big decisions alone.
But partnering up because of money seems like a really really bad decision.
I’d love to see more comments on this item.
Married people are 1000% more boring than single people.
Being married is definitely a benefit, since I married a smart person. If you marry an idiot, it’ll cost you (during and after the marriage).
Any financial benefits from getting married are negated many times over each time you have a kid.
What is the standing today as far as tax benefits? Does it benefit the married or single more? Can you break this down with different middle income levels, or if it is consistent over them all?
Thanks.
Being married has been a financial benefit. My wife and I are fortunate in that we share the same values regarding thrift, spending and investment.
