Marriage Taking A Backseat To Financial Security
The Annuity Man
Check out this interesting story that I found in InsuranceNewsNet about people now putting off marriage due to their finances. As they say, love can be expensive and it looks like many Americans are taking that literally before getting hitched and starting the family.
The old school American dream of getting married, buying a house, and having kids is starting to take a back seat many people. Getting a house is being replaced by getting your financial house in order. Getting married has been delayed until those student loans get paid off.
In my opinion, this is a reflection of the breakdown of the overall family structure and high divorce rates that have been increasing for decades. In a debt ridden country inhabited by a debt ridden population, many are foregoing marriage altogether. Credit card and consumer debt are at record levels, and most Americans don't have enough money in the bank to cover one low cost emergency.
According to this article, the top 5 milestones that people delay are retirement, buying a home, having children, long-term financial planning, and of course....getting married.
Check out this nugget from the article...“While traditional milestones are no longer making or breaking what’s important in life, financial security for you and your loved ones is a necessity,” said Faisa Stafford, President and CEO, Life Happens. “Our study shows that 54% of people have had to deal with unexpected life events, which have impacted their long-term financial planning, bringing to the surface the reality that our life’s path can change in a second.” Makes sense, and most of us reading that are nodding our head.
Love might be blind, but it seems that it's taking more money to put those blinders on.