Money and Marriage Statistics – 20 Interesting Facts
Money is one of the leading causes of stress in marriages, second only to infidelity. But how much money is actually necessary for a happy and successful marriage?
According to recent studies, there is no specific income requirement for a happy marriage, but certain financial behaviors can lead to marital strife. Keep reading to learn more about the latest money and marriage statistics.
Money and Marriage
When it comes to money and marriage, there are a lot of statistics out there. Some say that money is the number one cause of stress in a marriage, while others claim that couples who are on the same page financially are more likely to have a happy and healthy relationship. So what’s the truth?
It turns out that there is no easy answer. Every couple is different, and what works for one might not work for another. That being said, there are some general trends that can provide valuable insight into the relationship between money and marriage.
The statistics in this post will cover the following financial issues faced by couples:
- Money and overall marriage quality
- Financial goals
- Common financial disagreements and marital stressors
- Financial infidelity
- Managing debt (primarily credit card debt)
- Handling expenses and budgeting
- The relationship between money and divorce rates
Money and Marriage Statistics – Highlights
- Married couples who fight about financial issues have about $30,000 in consumer debt, on average.
- 87% of people who say their marriage is “great” say that they work together with their spouse to set long-term financial goals.
- Arguing over personal finance issues every week increases the likelihood of divorce by more than 30%.
- 41% of married couples with consumer debt argue most about money, compared to just 25% of debt-free couples.
- 43% of those with $50,000 or more in consumer debt felt embarrassed talking about personal finances, compared to just 10% of those who were debt-free.
1. Married couples who fight about financial issues have about $30,000 in consumer debt, on average
(Source: Ramsey Solutions)
This is particularly troublesome given that almost two-thirds of all marriages start out with one or both partners in debt. The good news is that there are ways to reduce the financial stress in your marriage. First, make a budget and stick to it. Work together to make sure that all of your bills are paid on time and that you’re not spending more than you can afford.
2. 48% of all couples with $50,000 or more in consumer debt (such as credit card debt) agree that money is a top reason for arguments
(Source: Ramsey Solutions)
Not surprisingly, the survey also found that couples who discuss money are more likely to experience relationship satisfaction.
3. 1/3 of all people surveyed say they hid a purchase from their partner because they knew he or she would not approve
(Source: Ramsey Solutions)
The most common items being hidden were clothes (42%), followed by shoes (34%), and then jewelry (19%). The main reason given for hiding the purchase was that the respondent knew their partner would not approve (59%), followed by not having enough money to pay for the item outright (49%).
Others said they hid the purchase because they wanted to surprise their partner (33%), or because they were embarrassed about how much they had spent on the item (31%). The results of this survey suggest that people are frequently hiding purchases from their partners, even though they know it is likely to cause arguments.
4. 87% of people who say their marriage is “great” say that they work together with their spouse to set long-term financial goals
(Source: Ramsey Solutions)
Setting long-term financial goals is a key part of maintaining a healthy marriage, according to a recent study. The study found that 87% of people who said their marriage was “great” also said that they worked together with their spouse to set long-term financial goals.
The findings suggest that couples who are willing to discuss their finances and plan for the future are more likely to have a happy marriage. Setting long-term financial goals is a way of showing that you are committed to your spouse and that you are willing to work together to build a future. It can be a difficult task, but it is one that is well worth the effort.
5. There’s an average increase of 16% per year in combined wealth among people who are married
(Source: Journal of Sociology)
There are a few possible explanations for this statistic. First, two people are able to pool their resources and build wealth more quickly than one person working alone. Second, married couples often have similar financial goals and can work together to achieve them.
Finally, marriage can provide stability and security, which can lead to increased opportunities for wealth accumulation. Regardless of the reason, this statistic indicates that married couples tend to accumulate wealth at a faster rate than single people.
6. Married people accumulate wealth faster than singles – much faster, at a rate of 77%
(Source: Journal of Sociology)
Married couples are able to pool their resources and make joint financial decisions. They may also be more likely to have children, which can motivate them to save for the future. Additionally, married couples often have two incomes, which can help them to accumulate wealth more quickly.
7. Having a yearly income of $125,000 or more lowers the likelihood of divorce by more than half – about 51% – compared to households with an annual income of $25,000 or less
(Source: The Atlantic)
Couples who earn more money may be less likely to experience financial stress, which can put a strain on a relationship. Furthermore, higher-earning couples may be better able to afford to live in separate homes if they are experiencing marital problems, which can help to reduce the likelihood of divorce.
Finally, wealthier couples may have access to better resources and support networks, which can make it easier to weather difficult times in a marriage.
8. Arguing over personal finance issues every week increases the likelihood of divorce by more than 30%
(Source: The New York Times)
Money is often cited as one of the leading causes of divorce, and it’s not hard to see why. Financial problems can cause immense stress and put a strain on even the strongest relationships. And when couples are constantly arguing about money, it can take a toll on their marriage.
If you’re constantly arguing with your spouse about money, it might be time to seek help from a financial planner or therapist. Otherwise, you could be putting your marriage at risk.
9. In 2020, 75% of long-term couples who were previously financially faithful committed financial infidelity
(Source: Credit Cards)
This statistic alone is a strong indicator of high financial anxiety and relationship stress brought on by the pandemic.
75% of long-term couples who were previously financially faithful committed financial infidelity. This means that they had secret financial accounts or made secret financial purchases without their partner’s knowledge. The most common examples of financial infidelity are hidden credit card debt, secret bank accounts, and gambling without their partner’s knowledge.
10. In about 80% of all married couples in the United States, couples share at least part of their expenditures and earnings. That’s compared to 20% who keep everything entirely separate
(Source: Ally)
In general, couples who share their finances are more likely to be financially compatible than those who keep their finances entirely separate. There are a few reasons for this.
First, sharing finances requires communication and negotiation about money. This can help to avoid disagreements about money later on. Second, sharing finances can help to build trust and transparency in a relationship. And third, sharing finances can help couples to pool their resources and better manage their money.
11. 41% of married couples with consumer debt argue most about money, compared to just 25% of debt-free couples
(Source: Ramsey Solutions)
This statistic may be explained by the fact that debt can create feelings of insecurity and inadequacy. When one partner is shouldering the burden of debt, it can cause tension and resentment. In addition, financial concerns can lead to arguments about other areas of life, such as how to spend free time or how to raise children. On the other hand, couples who are free of debt may feel more financially secure and confident in their ability to make joint decisions. This sense of security can help to foster communication and cooperation within the relationship.
12. 87% of married couples with similar or shared long-term financial goals expressed high satisfaction in their marriages
(Source: Ramsey Solutions)
This finding highlights the importance of open communication and collaboration when it comes to financial planning. Money is often a source of stress for couples, and it can be difficult to agree on financial goals.
However, this study suggests that couples who are able to work together towards shared financial goals are more likely to be satisfied with their marriage. Couples who are able to have open conversations about money and make joint decisions about financial planning are setting themselves up for a happy and successful marriage.
13. 68% of couples who said they were on the same page with their spouse indicated that they had perfect or nearly perfect financial communication
(Source: Advisory World)
This survey provides valuable insight into the importance of open and honest communication in a relationship. Money is often a source of stress and conflict in relationships, so it is essential that couples feel comfortable discussing their finances with one another.
The findings of this survey suggest that couples who are able to have open and honest conversations about money are more likely to be satisfied with their relationship. Furthermore, the survey also found that couples who reported having and working through financial disagreements were more likely to experience relationship satisfaction.
14. 44% of married adults between 18-54 years of age cited financial issues as a top stressor compared to 23% of married couples 55+
(Source: Ally via Cision/PR Newswire)
While there are a number of possible explanations for this discrepancy, one likely factor is that older couples have had more time to adjust to their financial situation. They may have paid off their mortgage, for example, or be more comfortable with their level of debt. In contrast, younger couples may be struggling to make ends meet, especially if they have young children.
15. 60% of those with consumer debt say they worry about finances on a monthly basis, while one in four say they worry about finances daily
(Source: Ramsey Solutions)
This statistic is quite alarming, but it’s not surprising when you consider the current state of the economy. More and more people are finding themselves in debt, whether it’s from credit cards, student loans, or medical bills.
With the cost of living rising and wages stagnating, it’s no wonder that so many people are struggling to make ends meet. The worry and stress of financial insecurity can take a toll on one’s mental and physical health, and it can be difficult to see a way out.
16. 9% of all Americans have no personal savings at all – while about a third of all couples saying they don’t know how much they have saved
(Source: Northwestern Mutual)
About a third of all couples say they don’t know how much they have saved, which highlights another important issue – financial literacy. Too many people don’t understand basic financial concepts, and as a result, they’re not able to make sound decisions about their money. This lack of knowledge can lead to people making poor choices with their finances, including not saving for the future.
17. The likelihood of divorce increases by 45% among couples who think that their partner spent money irresponsibly
(Source: Wilkinson & Finkbeiner)
These findings suggest that financial disagreements can be a major source of conflict in relationships. They advise couples to talk openly about their finances and to try to reach an agreement about how to spend and save money.
18. Having a lack of assets in a marriage, particularly the first three years of marriage, increases the likelihood of divorce by 70%, compared to those with assets worth $10,000 or more by that time
(Source: American Psychological Association)
This is likely because assets provide financial security and stability, which are essential for a happy marriage. Without assets, couples may feel insecure and anxious about their future, leading to conflict and eventually divorce.
19. 41% of those married five years or less say they felt pressured to go into debt for their wedding, with about 54% of married couples married five years or less saying some expenses were covered with a credit card
(Source: Ramsey Solutions)
Furthermore, 73% of those couples say they regret that decision.
Regardless of the reason, it is clear that weddings can be very expensive and that many couples feel pressure to go into debt to pay for them.
20. 43% of those with $50,000 or more in consumer debt felt embarrassed talking about personal finances, compared to just 10% of those who were debt-free
(Source: Ramsey Solutions)
This statistic suggests that there is a significant stigma attached to debt, especially among those who are struggling to pay off a large amount of money. This may be due to the fact that debt is often seen as a sign of financial irresponsibility.
In addition, those who are struggling with debt may feel like they are failing to live up to society’s expectations of what it means to be successful. As a result, they may be hesitant to discuss their finances with others for fear of judgment or criticism.
Final Thoughts: The Relationship Between Money and Marriage
It’s interesting to take a look at some of the statistics around money and marriage. Though there are no guarantees in either arena, it seems that having more in common in your ideas about money can certainly help your chances of staying married.
By understanding these trends, you can be better prepared for what may come in your own relationship – both good and bad! Do any of these stats surprise you? What do they tell you about our cultural views on money and marriage?