Many young adults argue for cohabitation because they feel they should own a home and be financially secure before they marry. The assumption is that marriage is a financial drain. Another assumption is that when couples get married they will inevitably stifle one another's individuality and freedom. Terms like "Ball and chain" come to mind for many young couples.
But studies point to what has been called "The Surprising Economic Benefits of Marriage." A 1992 study of retirement data shows that individuals who were continuously married had 75% more wealth at retirement than those who never married or who divorced and did not remarry. Even more remarkably, married men have been shown to earn up to 40% more income than do single men with similar education and job histories. The stats have pretty much stayed the same if not have improved today.
But why would this be? Some of this is because married people experience greater physical and mental health. Also, marriage provides a profound "shock absorber" that help you navigate disappointments, illnesses, set-backs and other difficulties. You basically recover your equilibrium a lot faster. The increase in earnings and income probably also come from what scholars call "marital social norms" Studies show that spouses hold each other to greater levels of personal responsibility and self discipline than friends and other family members can. Other studies have shown that many single people spend money unwisely and very self indulgently with out anyone to hold them accountable. But married people make each other practice saving, investment, and delayed gratification. Nothing can mature character like marriage. The studies speak for themselves. Never underestimate the prospects for a good marriage. As for myself. If my wife is a ball and chain, I'm happy to be her slave!
Footnote: Reason For Marriage Dr. Tim Keller
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