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73 Percent of Unmarried Young Adults Say It’s Because of Finances

73 Percent of Unmarried Young Adults Say It’s Because of Finances

Millennials and Gen Z are avoiding marriage these days, and the reasons why might surprise you.

According to a recent survey commissioned by the Thriving Center Of Psychology, it seems the age-old institution of marriage is losing its appeal among millennials and Gen Zers primarily due to money. A staggering 73 percent cited financial burdens as the primary obstacle to walking down the aisle. With the average wedding cost soaring to $30,000 in 2022, it’s no wonder that this generation, already grappling with mounting living expenses and heavy debt, is reluctant to splurge on a wedding.

But financial constraints aren’t the only reason behind the marriage aversion. For 40 percent of them, marriage is viewed as an archaic tradition that no longer holds the same appeal as it once did. It seems like gender dynamics also come into play when it comes to this attitude toward marriage. While 41 percent of young men find the institution outdated, a higher proportion of women, 52 percent to be exact, share this perspective.

Another big factor is a shift in cohabitation. Among unmarried couples in the survey, three out of five already live together. This suggests that cohabitation is not necessarily a precursor to marriage, but this trend is particularly prominent among millennial couples, with two in three choosing to live together before, or instead of, tying the knot.

The decision to forgo marriage has not been without its challenges for young adults. Thirty-eight percent of young adults feel judged for their unmarried status, with 69 percent of women believing their mothers are the harshest critics.

As societal norms evolve and financial pressures continue to shape the decisions of young adults, the institution of marriage faces new challenges. The survey findings reveal that love is taking on a more flexible and adaptable form in the modern age, with many young adults redefining what it means to be in a committed relationship.

© 2023 RELEVANT Media Group, Inc. All Rights Reserved.

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