By Swint Friday
Source: Caller Times
CORPUS CHRISTI — Recently, while traveling I watched WE TV’s show, “Rich Bride, Poor Bride” a program similar to their infamous “Bridezillas” with less drama and obnoxious behavior. One thing these shows along with many weddings that I have participated in reveal is that Americans have lost their financial minds. These popular programs show families squandering small fortunes on self-indulgent and self-centered relationships.
The WE network reports that the average wedding in 2010 cost a little more than $24,000 plus an engagement ring at about $5,000.
The average marriage typically lasts four to eight years with the price for a divorce in legal and other related fees estimated at close to $20,000 by maritalstatus.com in the reported $28 billion dollar a year divorce industry. This makes the total cost for entry and exit in a marriage pricey at nearly $50,000 or from $6,000 to $12,000 per year of marriage.
Like any costly and risky investment, people should exercise substantial caution before diving in head first.
Reasonable consideration should be taken of the probability of success before risking one’s emotional and financial health on an investment that can make the stock market look tame. The U.S. Census Bureau and National Center for Health Statistics show that marriage success is strongly tied to age, education, and/or marital traditions.
Older college educated people entering into first marriages have a high success rate. Similarly, participants from cultures or with religious affiliations that place an emphasis on marriage have lengthier marriages. Interestingly, agnostics also have relatively successful marriages, which is probably attributable to their higher average education levels and older age at marriage.
However, research by Jeffery Dew at the University of Virginia’s National Marriage Project finds that finances probably play the strongest role in marital satisfaction.
Consumer debt contributes substantially to marital dissatisfaction, which in turn increases arguments over money, Dew’s research shows. Interestingly, the conflict exists across all income spectra. From the poor to rich, debt equates to marital stress and strife. Similarly, negative perceptions of a spouse’s money management skills contribute to marital dissatisfaction and the likelihood of divorce.
The good news for the institution of marriage and for our bank accounts is that statistics indicate that future marriages may have greater success since those least prepared through age, education or tradition are opting to cohabitate rather than marry. However, further research from the National Marriage Project indicates this could be bad news for our children’s well-being.
