Theres no answer to this. Poverty is the biggest impactor. Trends will show you are less likely to be poor if you do x. Bit that doesn't always work out. But also just because stats show certain outcomes are more likely, they very rarely look at the reasons why this is and so you hey misleading information.
Getting married is quite cheap but society, as whole does still push the 'big day' dream as though the bigger the day the more in love people are. People often don't feel a small wedding is good enough or they will be judged and so put it off.
But in reality, marriage does nothing for many. Those in abusive marriages, or being financially controlled, those with no assets etc.
Marriage didn't protect me as I was the former and the assets were used to pay debt. The only thing that helped me was that I had always worked. But many who become RP after a split find it difficult to remain in the same job
Years later, I own a home and a very good wage and won't get married again. I was told marriage is the 'right' thing to do and 'sensible'. So I got married. But quite frankly, I would have been better off when I left exh had we not been married.
I have a dp but out earn him by quite alot. Although we have sorted our finances so things are more equalish he won't ever be able to claim interest in my property. Financially, he is better off living with me so he can save more of his own money and has built security for himself. He also had a much better standard of living. I love him very much he has been amazing supporting over lockdown while I worked more and he was furloughed. Not sure how I have done it with homeschooling. He also does alot more around the house to help support my career. But we are both adults, won't be having children so no need to join finances.
But we are both financially secure without being married. Dp is in the position where he could get a small mortgage if he chooses. Walking away from this relationship wouldn't mean financial ruin for anyone. I insisted both of us got independent legal advice before we decided to move in together
The problem is that we aren't teaching our kids about finances, marriages, society impacts of having children, work as a parent and staying at home as having a parent.
I still live near the same ex mining town and know people who can't afford to live together and get married. Because between poor employment opportunities, tax credits/UC topping wages up and expensive childcare, people will loose too much, to the point they can't afford their bills.
One situation doesn't suit all situations. My personal bug bear, is how we talk about weddings. One one hand it's 'it's just a piece of paper' dismisses the seriousness of it. On the other hand pretending its just about love, doesn't do anyone any favours either.
Its a legal Contract that can have benefits or serious negative consequences. Not easy to get out of. And when you are trying to get out of it much of the love is gone. Down playing it as a piece of paper or 'it's all about love' leaves people in positions they don't want to be in.
I have noticed a few, not loads (but more) of threads lately where its the women who earn more and have realised the financial impact of marriage when thinking of divorcing. Many seem incredulous that the soon yo be ex may be entitled to so much. And roll out lines often assoaticed with high earning men divorcing a low earning wife. Several seem to have not realised that as they were married the assets were shared and talk about 'bit I paid for most of it'
I think overall we need to help people understand financial planning. Not just short term but long term. Yes, things happen that ruin that plan, but if you have a good plan in the first place you can often adjust, take the hit and still recover to somewhat.bincluded in that would be the pros and cons of marriage in different situations.