Being single does not only have emotional and social disadvantages, it can also hurt you financially in the long run, experts claim. According to a study, married couples tend to save more for their retirement than single folks do.
For instance, at the age 65 or more, married people have on average $878,000 in assets, while single people in the same age group have only $380,000 in assets. These issues can lead to some really serious consequences if we take into account the trend of having your first marriage at age 27 if you’re a woman or 29 if you’re a man.
Also, many single people who got themselves into debt admitted that they crave the financial or emotional support of a life partner.
Another reason for why married people tend to be better off financially is that married men are more likely to work more than single men. They are also less likely to quit or get fired than single men. Marriage seems to give men motivation to work more as they feel they now have an institutional status. Young married men work 440 more paid hours every year than single men.
Married Men Tend to Earn More than Single Men
The study also found that single women tend to spend more time working than their married peers. Young single women tend to work 196 more paid hours than married women do. The study also found that married men earn $16,000 more annually than their single counterparts. Single women earn $1,349 more per year than married women.
A separate study also found that married men are more likely to land a job than married women, as married men are perceived as more fit for a position than single men or married women.
Another perk to being married is that you can save tens of thousands in housing costs if you have a partner to share the burden of rent or mortgage with. Also, sharing groceries and other bills can lead to important savings.
Also, may singles postpone the purchase of their first home until they find a spouse to buy that home with.
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