Economic Benefits of MarriageVowing to stay together “for richer or for poorer” may actually increase your odds of landing in the “for richer” category.

On average, married people are better off financially than unmarried people. This income gap has been widening for the last four decades, according to the Pew Research Center. In 2008, the median adjusted household income was about $77,000 for married adults versus $54,000 for unmarried adults.

Naturally, sharing rent, sharing bills and the possibility of two incomes can boost your standard of living. These same opportunities, however, are also available to unmarried couples who live together. Yet married people are still wealthier than their unmarried peers—even when the number of working adults in a household is the same. This suggests simply living with someone does not necessarily provide the same economic benefits as marriage.

Some of this income discrepancy may owe to who is choosing to marry these days. While marriage rates in general have dropped since 1990, marriage is in particularly steep decline among those without a college degree. This trend represents a reversal of traditional marriage patterns. Historically, those without a bachelor’s degree were more likely to have married by age 30 (Pew Research Center).

A college degree obviously enhances earning potential. But the financial advantages of marriage are not limited to college graduates. Married adults without a college degree still have median household incomes 34% higher than their unmarried peers, according to the Pew Research Center. This pattern has been relatively stable for five decades.

Fewer Marriages

Despite the apparent economic perks, fewer couples are opting to tie the knot. High divorce rates have made many skeptical of marriage. And hard economic times may discourage—or at least delay—others from a trip to the altar. Economic uncertainty may lead some to think they can’t “afford” to marry. But particularly for those willing to forego an expensive wedding, the opposite may be true.

More Single Parents

While marriage rates are falling, the number of children born outside of marriage is rising. Approximately 40% of children are now born out-of-wedlock, according to the National Center for Health Statistics. According to the U.S. Census Bureau, those in single-parent families are five times more likely to live below the poverty line. Marriage remains one of best defenses against childhood poverty.

Financial Impacts

Women today are able to provide for themselves better than ever before. In part because of this relative economic independence, women may feel less compelled to get married. The financial benefits of marriage for women today may not be as pronounced as in previous generations. Still, married women remain better off financially than their unmarried peers.

Traditionally, women financially benefitted the most from marriage. But the economic tide is turning. Now, men may see greater economic gains when it comes to marriage. What accounts for this shift?

Women now make up nearly 50% of the workforce and are rapidly closing the male-female earnings gap. Additionally, women now constitute the majority of college graduates. They have also been less affected by recent layoffs, according to the U.S. Bureau of Labor Statistics. A working wife can boost household income and provide financial stability, should her husband become unemployed. And for whatever reason, married men also generally earn more than unmarried and cohabiting men (Pew Research Center).

Marriage isn’t guaranteed to make you rich. Neither is remaining single a surefire path to poverty. But a healthy, stable marriage—especially when paired with a college education—may help provide individuals and families some measure of economic stability.