I was just reading this interesting research on how apparently married couples are far more likely to achieve greater wealth financially than a person who is single. The study was done by the Ohio State University last year and went on to say things such as if you really want to increase your wealth get married and stay married. The theme of the study it seemed was actually about how a divorce can drop one’s wealth by 77% which is more than simply just dividing the couple’s wealth in half and similarly a married couple’s wealth increases more than simply adding the couple’s combined assets together.
Now some of the interesting numbers they threw out was that single people who start off with less than $2000 would grow their wealth to about an average of $11,000 in fifteen years whereas a married couple that stayed married would grow their wealth to an average of about $43,000 in ten years. The main reason for this was that for married couples it was cheaper to maintain essential requirements in one’s lifestyle such as paying for your house whereas a single person would not have these kinds of privileges.
On top of that, the study talked about how being married makes people more conscience and productive when it comes to earning and saving money as they acquire the mentality that they have to work for more than just themselves now as they have a family to take care of. Overall, the study concluded that married couples were able to achieve 93% more wealth than people who were single or divorced.
Those are some interesting numbers. The funny thing is that when it comes to one’s wealth in regards to a person who is single or in a relationship, since a lot of the people I see everyday are not yet married it seems like it is the complete opposite where it’s mostly the people who are in some sort of a relationship are not as well off financially as people who are single. Some of the figures that were stated seemed to be very low though.
For example, it stated that a single person would on average increase their wealth by $11,000 in fifteen years which works out to about $733.33 each year that we are looking at here. I would think at minimum that a working adult should be able to increase their wealth by at least four figures each year. If I had to think of a range, I’d say by at least $2000 to $4000 a year which is only $166.66 to $333.33 a month. I do realize that it is a US currency that is being used for the study, but at $733.33 each year that makes me wonder where all their money is going to or if financial education is really that much of a second thought initially for most people.