Sorry, single folks, but if you wish to increase your odds of building significant wealth, it looks like you’re going to need to get hitched. That is, according to stats released by the most recent Census Bureau study.
The fact of the matter is that two pay cheques really do appear to be better than one, with the net worth of the average married couple being significantly higher than that of their single counter parts. Married couples averaged a net worth of is $101,975, with single folks achieving significantly less at $23,700 for men, and $20,217 for women.
The study found that those who stay in long term marriages (unfortunately, many marriages these days are not long term) accumulate twice the wealth of those who remain single. Even when all parts were equal — meaning that the income of the single persons matched that of the married couples – the married folks still came out on top with a four percent net worth advantage.
Now married folks, if you desire to hang on to that accumulated wealth, you should do your best to avoid a divorce. Those who divorced were found by the study to have their net worth as individuals reduced to 77 percent compared to the average single folks mentioned above.
This is also why it is important for both individuals in the marriage to always be aware of the household’s financial matters and for both to come to a consensus on money-related matters.
April 14th, 2009 at 12:29 pm
No doubt in my mind, the stats speak strongly of the reality.
But of course getting married is pretty much like getting into business, you need to know why you are getting into it and finding the right partner for yourself.
April 17th, 2009 at 3:37 pm
@Tom – Yup. There’s no doubt that choosing a partner who is bad with money can be much like choosing the wrong business partner. It can lead to a mountain of debt!
April 19th, 2009 at 7:17 pm
And if you wanna get richer…get a divorce! lol jk
April 27th, 2009 at 8:00 am
Its funny to think about choosing someone based on how they are with money. It’s obviously a huge commitment and being with someone who is good with their money is a must. I bet most people don’t consider this factor until its already to late and theres another reason marriages are not lasting.