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Financial Blessings of Marriage

MoneyWise

Christian talk radio with Rob West

April 23, 2022

God’s Word tells us of the many blessings of marriage companionship, comfort and loyalty, for sure. But did you know that some of those blessings are financial? We’ll explain today on MoneyWise. MARRIED COUPLES TEND TO FARE BETTER FINANCIALLY Studies consistently show that married people fare better financially than single people. Unfortunately, however, the marriage rate in America continues to fall. According to the Census Bureau, the percentage of adults living with a spouse decreased from 52% to50%over the past decade. That’s not a big drop, but it shows that a decades long trend is continuing. In 1960, 67%of adults were married. This means that a growing number of Americans, especially millennials, are missing out on the financial benefits of marriage. Only 44-percent of millennials are choosing to marry these days. They may not realize that there can be a huge economic cost to not getting marriedespeciallyif you have children. The median salary for a married man in 2019 was $57, 000 for a single man, it was just under $36, 000. Married women earned a median salary of $40, 000, compared to just $32, 000 for single women. Now, a couple of disclaimers. First, this isn’talwaysthe case. We’re talking about averages here. Obviously some single people can be quite well off. Second, we’re saying that everyoneshouldbe married. Jesus wasn’t married. Paul wasn’t married and recommended against marriage for those who were single and already called into the ministry of the very early church. CHALLENGES OF SINGLE PARENTING Several years agoThe Los Angeles Timesran anop-edtitled The Single Mom Catastrophe. It pointed out the challenges for single moms and society as a whole. For example: ●In 1965, only 7 percent of American children were born to unmarried women. ●In the last few years, 40 percentof all births in the U-S happen outside of marriage. ●And25 percentof parents living with a child are unmarried. Of course, it’s only logical that single parents face a greater financial challenge than married couples with the family’s potential earnings cut in half or more. But even married households with only one spouse working are better off than a single parent again on average. They don’t have childcare costs and other expenses. Only around 10-percent of married couples are classified as poor by government standards. But40-percentof single mother families are living below the poverty line. So obviously, marriage is financially beneficial to women, especially women with children. But what about men? Studies show that what’s good for the goose is good for the gander, too. Married men have more incentive to work harder and longer putting in more hours than unmarried men. On average single men work fewer hours, earn less money and even receive fewer promotions than married men. A FEW TIPS TO BETTER YOUR ODDS OF FINANCIAL SUCCESS Here are a few tips to pass along to your children to improve their odds of financial success: First, graduate from high school. Yes, studies consistently show that, on average, you’ll have more earning potential with a college degree. But college isn’t for everybody. At least get a high school education. Second, get a job! Third, as the Lord leads, get married. And last, if the Lord allows you to have children, wait until you’re at least 21 to do so. Marriage was ordained by God to be a blessing to us. Ecclesiastes 4 teachesTwo are better than one because they have a good return for their labor. For if either of them falls, the one will lift up his companion. But woe to the one who falls when there is not another to lift him up. LISTENER QUESTIONS On today’s program, Rob also answers listener questions: ●What is the best way to invest proceeds from a property sale? ●What is the wisest way to draw your social security benefits along with the benefits of a deceased spouse? ●How do you determine the most prudent way to pay down student loans?

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