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By Jessica Bishop | Wealth of Geeks undefined
Wedding bells may be ringing less frequently as 73% of young adults find it too expensive to get married in the current economy. A new study highlights shifting attitudes towards marriage from Millennials and Gen Z, with 2 in 5 viewing it as an outdated tradition. These changing perspectives and rising wedding costs have prompted many to rethink their approach to marriage.
Survey Shows a Shift in Marital Mindset
Recent statistics from the U.S. Census Bureau in 2022 revealed that more than 1 in 3 (34%) individuals aged 15 years or older had never been married, marking a significant increase from approximately 1 in 4 (23%) in 1950.
This shift prompted the Thriving Center of Psychology to investigate why fewer individuals are walking down the aisle. They surveyed Millennials and Gen Zers who are currently in a relationship but unmarried. The findings shed light on their perspectives and insight into the factors influencing their choices.
Weddings Are Expensive
The high cost of weddings is a significant deterrent for many young adults, with 73% considering it too expensive to tie the knot. With the average wedding cost soaring to over $30,000 in 2022, couples find it more challenging to plan an affordable wedding.
A considerable portion of this demographic is opting out of marriage altogether, with 1 in 6 reporting they are not planning on getting married, ever. Of those respondents who choose to live with a partner instead of getting married, 1 in 4 individuals have faced judgment from family or friends.
Is Marriage Really Necessary?
Beyond financial considerations, changing societal attitudes play a role in the declining popularity of marriage among younger generations. A significant 85% of Millennials and Gen Zers believe marriage is unnecessary for a fulfilled and committed relationship. Moreover, nearly 70% of respondents find it intrusive when asked about their marriage or plans to have children.
Marjolein Dilven, 28, the blogger behind Radical FIRE, feels similarly. “I’ve been with my partner for 8 years now, and many of our friends are getting married,” she says. But she and her partner view their relationship as complete as-is.”
“Plus, we don’t want to spend the money to get married,” Dilven adds.
We Already Live Together
More than 3 in 5 unmarried couples live together, showcasing a shift towards cohabitation. While 65% of Millennials have taken this step, only 35% of Gen Zers have followed suit. Many couples choose to move in together for various reasons, including the desire for companionship and financial stability, often even before being together for a year.
While the vast majority of respondents (83%) expressed a desire to marry eventually, many of them are quick to do so. This hesitation indicates a significant shift in attitudes toward marriage among young adults.
Another thing that keeps couples from heading down the aisle is the fear of their marriage eventually ending. A notable 47% of those surveyed are afraid of potentially getting divorced. According to a 2022 Harris Poll, 15% of couples today draft prenuptial agreements before they say “I do” as a precaution.
Moving In Is Cheaper
Monetary considerations significantly impact living arrangements, with more than half of the couples who moved in together citing financial reasons. Notably, 37% of respondents feel their relationship is economically unequal, indicating disparities in financial responsibilities. Around 1 in 5 couples share a bank account, while 1 in 6 share a credit card.
According to a Pew Research Center survey, more than half of cohabiting adults see living together as a step toward marriage. And those younger than 30 are more likely to believe that living together before marriage gives them a better chance at a successful union.
Inflation Doesn’t Help
The cost of weddings continues to rise, further deterring young adults from pursuing marriage. The average price of a wedding in 2022 was $30,000, according to the most recent study from wedding conglomerate The Knot, reporting a $2,000 increase from the previous year.
There is only so much couples can do to reduce wedding expenses aside from drastically cutting their guest list. Swapping digital wedding invitations for printed ones or purchasing a pre-owned gown instead of a new one can help offset higher spending in other areas.
Inflation has escalated expenses across various aspects of wedding planning, contributing to the growing financial burden on couples. When costs increase across the board, it can be hard to out-save the rate at which prices rise.
Different Values and Priorities
In light of these changes, many couples are also shifting their priorities and finding other uses for their hard-earned dollars that are more long-lasting. Bella Bucchiotti, 26, lifestyle content creator at xoxoBella, shares that buying and renovating a home together was a bigger priority for her and her partner than an expensive wedding. Though they plan to tie the knot this fall, they’ve opted to elope rather than throw a traditional celebration. It’s mostly because a wedding doesn’t seem like a good use of money right now,” says Bucchiotti.
Dilven and her partner love to travel and have taken several months-long trips during their relationship. “We’ve spent thousands of dollars on these trips, and we’re so much happier spending them on months of traveling rather than having a wedding.”
Rising Costs and Changing Attitudes
The combination of skyrocketing wedding costs and evolving attitudes toward marriage is reshaping the choices of the younger generations. With a majority finding getting married too expensive and a significant portion viewing it as an outdated tradition, these generations increasingly opt for cohabitation and prioritize financial stability over traditional marital commitments.
As financial considerations and societal shifts continue to influence relationship choices, the landscape of marriage is undergoing a significant transformation.
This article was produced by Media Decision and syndicated by Wealth of Geeks.