Have you ever wondered how your old parents, with a meagre salary and very little financial information and opportunities, still managed to achieve almost all their financial dreams?
Looking back, couples, not just in Kenya but across the world would achieve so much together compared to today where the divorce rates have spiked.
Do you see where we are going with this?
According to statistics, there’s a solid correlation between married couples and wealth.
According to Jay Zagorsky who authored “Marriage and Divorce’s Impact on Wealth,” research on marriage and money shows that married people save more and build wealth faster than single people, unmarried couples, and those who divorce.
The study, though done in the Western world, can also apply here in Kenya where the divorce rates have increased. Interestingly, according to Zagorksy, an increase in wealth happened to those who married for love.
“Getting married and staying happily married is a wonderful way to increase your wealth,” he said. “Getting married with the idea it will make you rich is a terrible idea.”
Take a look at these other facts:
- People who get and stay married each have about double the wealth of single people who never married. In other words, a married couple will have about 4x the wealth of a single, unmarried person.
- Married people experience net worth increases of 77% over single people.
- A married couple increases their wealth an average of 16% each year of marriage.
- After ten years of marriage, couples report an average net worth of $43,000, compared with just $11,000 for people who stayed single
- Divorce wreaks economic hazard on individuals, often erasing the gains of marriage.
There are three main principles that explain this considerable difference. The first relates to savings – married couples save more, as thinking and living as a unit, is more conducive to long-term financial planning.
Another notable difference is that married couples get more help from their family members than single people. This can be in form of gifts, financial help and other ways.
Finally, there is the division of labour. Married couples share the responsibility of looking after their home, meaning that less time is lost compared with those who live alone.
Divorce is very costly.
Now that we know what can happen when you choose the right partner, what about when you choose the wrong one? Well, on top of the emotional trauma, you could experience an equal level of financial stress.
When they say “till death do us apart”, they actually mean it’s a better deal than leaving your partner.
The younger generation( Millenials and Gen X) is struggling both financially and relationship-wise. A simple solution to their financial woes, however, might be not what they are thinking. Love.
Get the right partner and things might just start working for you financially.