Tying the knot can have many practical financial benefits. Married couples often have dual incomes. They get tax breaks, enjoy economies of scale, can rely on each other during adverse life events, and generally have a longer life span than unmarried folks. But is it possible to put a dollar amount on the benefits of marriage? Well, some economists have tried. 😀
David Blanchflower and Andrew Oswald calculated the “compensation value” of long term commitment in terms of happiness. They concluded that a happy marriage is worth an impressive $100,000 annually. So an overpriced but well thought out Valentine’s Day gift may be a better long-term investment than any new stock you buy this year. 🙂
Another study by economists Ed Diener and Shigehiro Oishi reveals that those who place a high importance on money are far more likely to be unsatisfied with their lives than those who prioritize love. That’s probably because no matter how much you love money, it won’t ever love you back. And while there’s evidence that married people are happier because happier people marry more, it also appears that marriage increases happiness even for grumpy people.
But the key point to remember is that the marriage has to be generally happy to see the benefits. The dreaded d-word can instantly destroy any advantage a marriage may bring. Many divorced people are considerably less happy than not only their still married friends, but also those who have never married in the first place.
Random Useless Fact:
Apple’s new vision pro is the most expensive headset to ever release starting at $3,499.