In the past few years, marriage rates in the U.S. have been decreasing especially among low-income Americans. But even with the recent wage growth, a study has revealed that a higher paycheck may not be enough to increase marriage rates. Many low-income couples are found to want financial achievements such as owning a house, having a healthy bank account, and having a job that offers health insurance before getting married.
Lack of money is one of the main factors why lower-income people don't get married, especially those who already have a child. However, research shows that marriage tends to lead to more benefits for children and their parents, such as higher test scores for children and higher incomes for families. Those who don't get married are actually missing out on most economic and psychological benefits of marriage.
In a study published on October titled "His" and "Hers": Meeting the Economic Bar to Marriage, it was identified that low-income couples who meet more of their financial achievements are more likely to marry than couples who meet fewer.
To measure the economic bar to marriage, researchers considered seven financial achievements including experiencing wage growth, having private health insurance, owning a home, having a bank account, avoiding welfare receipt and not experiencing any economic hardship. Those who met at least four out of seven are counted as meeting the economic bar to marriage.
The study concluded that low-income parents who met the economic bar to marriage were 47 percent more likely to marry than couples who did not. While there are other factors that actually contribute to getting married such as affection in the relationship, the study found that economically-wise, couples consider not just having more money but also having their own house.
