Sermon Illustrations
Marriage Has Rich Rewards
Creating a successful marriage is hard work. So it's nice to know you're getting paid for it. That's the word from a researcher at Ohio State University, who found that people who walk down the aisle and stay hitched accumulate nearly twice as much wealth as those who are single or divorced.
Economist Jay Zagorsky of OSU's Center for Human Resource Research tracked the financial and marital status of more than 9,000 people from 1985 to 2000. Married people amassed an astonishing 93 percent more wealth than single or divorced people over the 15-year period.
Wealth was defined as a participant's total assets—such as bank accounts, stocks, bonds, and real estate—minus outstanding debt, like a mortgage. The data came from the National Longitudinal Survey of Youth, a study funded by the U.S. Bureau of Labor Statistics that has repeatedly surveyed the same individuals over time.
According to the report, which was published in the Journal of Sociology, people who married and stayed married showed a sharp wealth expansion after their wedding, growing to an average of about $43,000 by the 10th year. For single people, assets grew from less than $2,000 at the start of the survey to about $11,000 by the 15th year.
Those who divorced saw their wealth shrink by 77 percent—a larger decline than would occur by simply splitting a couple's assets in half.
"You lose economies of scale in divorce—you need two places to live, two cars," Zagorsky explains. "Divorce is quite expensive, paying for lawyers and court fees. Divorce is also time-consuming. It may take time away from work, which also reduces many people's incomes." In addition, divorce weakens the incentive to work harder in the future, particularly if a percentage of income is garnished to pay alimony.
On the other hand, wedded bliss has rich rewards: "Married people boosted their wealth by about 4 percent each year—just as a result of being married—with all other factors held constant."