Saying “I do” three years ago has made Nicole and Kirk Archer happy — and it’s also made them wealthier.

“It’s been nice to combine expenses and plan to do things together, instead of planning alone,” Nicole said. 

“Splitting expenses goes a long way — especially when you have a two-income family,” Kirk added.

It’s more than just sharing costs though, because marriage can also create major expenses, like paying for a wedding and raising children. The big differentiator that off-sets those costs is saving.  Married folks are much better savers.

Certified financial planner Chris Redhead, who is an Executive Vice President at Sequoia Financial Group, says the key is that married couples often plan more for the future.

“I find when they are married, and especially when they have kids, then they even become more stable and more planners, and I think that’s critical,” Redhead explained.

Studies show benefits

Studies show getting married is a significant factor contributing to overall wealth.

A 2005 Ohio State University study showed that married people saw a 77 percent increase in net worth over people who were single.  In addition, wealth increased an average of 16 percent for every year of marriage.

According to the U.S. Census Bureau Survey of Income and Program Participation released in 2013, married couples consistently have a higher net worth than a single man or woman. For example, a married couple between the ages of 35 to 54 had a median household asset value of $116,170 compared to $24,813 for a man heading a household or just $9,640 for a woman heading a household.

Planning for the future

Redhead says marriage tends to make people more stable and focused on the future.

“Now you have another person involved,” Redhead said. “When you’re thinking about the future with somebody else, that makes you a little bit more mature, thinking long-term, compared to being single.”

The Archers say having another person depend on you is definitely a major motivator.

“It’s a shared burden that you now make longer term, more informed decisions,” Kirk said. With Nicole adding, “We want to do this. We’re looking to retirement —to enjoy retirement together — earlier.”

Other financial benefits

Other financial perks of marriage include:

  • Lower car insurance rates
  • More health care choices
  • More Social Security options
  • More saving options — like spousal IRA contributions

“The advantage compared to when you’re single, if a single person doesn’t have a job, unfortunately, they can’t put anything away. A married person, though, even if the spouse is not working, we can still put money away for that spouse,” explained Redhead.

And when it comes to Social Security, spousal options increase your ability to maximize your lifetime benefits and offer survivor benefits, as well.

Communication is important

There is one major caveat to the financial benefits of marriage — and that is divorce. People who marry and then divorce generally end up worse off financially than any other group.

That Ohio State survey showed that divorce can wreak havoc on a person’s wealth — lowering net worth by 77 percent.

So, be sure to keep communication flowing — especially about your finances, so you can reap the benefits of a happy marriage and a bigger bank account.

“You need to be on the same page, heading in the right direction and wanting the same things, or else it’s not going to be a pleasant experience,” Kirk said laughing, with Nicole nodding in agreement.