Even in the best of circumstances, relationships can be challenging, and there’s no question that recent rises in the cost of living have made things more difficult for many couples during the last year. But as the epidemic faded through 2022, marriage rates increased. Divorce rates also increased at a 10-year high during the same period.
Experts examined the important themes around marriage, money, and the growing cost of living using Finder’s Consumer Sentiment Tracker and data from the ABS.
Some people experience that regularly, and their relationship lasts a lifetime. Others find that after being married to the love of their lives, they have drifted apart and that getting a divorce is the best course for everyone concerned.
They can recognise those tendencies and convey that tale with these statistics
1. Number of New Marriages is Becoming Less Every Year
In the previous five years, fewer people have tied the knot.
Before the pandemic of 2020, more than 100,000 weddings were placed yearly in Australia. Though they were projected to rise somewhat in 2021, marriage rates have yet to return to their pre-COVID levels.
Couples still waiting for assurance and faith that international borders would be opened permanently decided to postpone their wedding in 2021 rather than bear the stress and cost.
2. Impact Of Covid 19 On Australian Marriages
The number of marriages held in Australia dropped dramatically in 2020. Because of this, there were around 35,000 fewer marriages in 2020 compared to 2019 (before Covid’s debut).
The wedding plans of a significant number of couples were thwarted. Weddings had to be postponed or cancelled due to the sudden issuance of lockdowns.
The wedding party and guests, many of whom had already booked flights and hotels, and taken time off work, were stressed.
The numerous wedding businesses, such as cakes, reception halls, flowers, food, officiants, etc., were also negatively affected.
Some couples’ marriages couldn’t handle the stress of the prolonged lockdowns, and some broke up before marriage.
3. The Typical Of Straight Couples Marriages
Straight women often married at the age of 27, whilst straight males typically wed at 30.
Most divorces involving straight couples end their marriage after 12 years when the gentleman is about 46, and the lady is about 43.
In 2021, the number of divorces among heterosexual couples rose by over 6700, a significant increase from the previous year and the three preceding years.
The first two decades of this century have seen a surge in divorce rates among heterosexual couples.
The prolonged shutdown of various states and territories in 2020 may have contributed to the high number of divorces among heterosexual couples in 2021.
This is because many teams were forced to live and work together for the first time during their marriage, and some unions could not handle the demands of spending so much time together.
4. The CDR is Steady
The overall divorce rate is very constant. Since 2011, the general population’s divorce rate has stayed at a little over two separations per 1000 individuals.
6. About 50% Of Divorces Involve Children
Over the last five years, the percentage of divorces when children were present has stayed between 47% and 48%, with most divorces including two children.
During divorce or separation, keeping the children safe and well-informed is essential.
Before December 2017, it was illegal for those who identify as LGBTIQ+ to get married in Australia. Consequently, no clear data exists on marriages between members identified as belonging to the LGBTIQ+ community.
7. The Rise of Marriage Among the LGBTIQ+ Members
There was much media speculation that hundreds of millions of dollars would flood the Australian economy as thousands of LGBTIQ+ couples rushed to get married after the nation legalised marriage equality.
Those predictions were made by cisgender journalists and commentators who lacked queer literacy and a basic understanding of LGBTIQ+ culture and people. No such “pink rush” occurred.
About a third to a quarter of all anticipated LGBTIQ+ weddings occurred during the first year. Even more often, LGBTIQ+ couples choose intimate, low-key venues for their nuptials.
Some LGBTIQ+ couples hurried to tie the knot so they could spend as much time as possible as a married couple before one of them passed away from old age or illness.
Some couples, however, were prohibited by law from taking their time getting married and adjusting to married life.
Accordingly, data show a little increase in the year after the introduction of the marriage equality law in Australia, followed by a levelling down and a more constant trend with numbers that are around half of what they were during the early boom years.
8. There are More LGBTIQ+ MArriages Between Women Than Between Men
Since Australia passed legislation allowing for marriage equality, a clear trend has emerged: LGBTIQ+ women marry more frequently than LGBTIQ+ men.
After being granted permission, for the initial two years, the number of married LGBTIQ+ women exceeded that of LGBTIQ+ men by approximately one-third.
Although this gap has closed slightly during the past two years, it is still prominent.
There might be various causes for this:
- Most LGBTIQ+ women may want to start a family and view marriage as the foundation for doing so.
- LGBTIQ+ men are less eager to tie the knot than LGBTIQ+ women and may have a more flexible timeframe.
9. The Percentage Of ‘Same-Sex’ Marriages Noticibly Low
The proportion of marriages that were ‘same-sex’ in 2021 was just over 3%, compared with 5.5% in the first year of marriage equality. Both of these proportions are very low.
They decided to participate in the struggle for this basic human right since it was denied to everyone else. But they weren’t planning on getting married. It has never been about wanting to get married so much as protecting one’s legal rights.
Many LGBTIQ+ couples see marriage as a license to make money. Hotels and other venues will charge you more after you tell them you plan an “event” there, mainly if that “event” is a wedding.
Couples in the LGBTIQ+ community often choose low-cost, low-key ceremonies. To commemorate their marriage, they will have a small group of close friends around for a meal and a bottle of fine wine rather than inviting 150 people.
10. Same-Sex Couples Get Married When They Are Older Than Straight Couples
Most male-female couples wait until their mid-30s to tie the knot. That’s far later than the typical heterosexual pair, usually in their 30s (or men’s 40s).
Many LGBTIQ+ couples did not think they would ever be able to marry their partner since they had not gotten enough knowledge on marriage and ceremonies. Therefore, individuals may depend on conventional heterosexual wedding models due to a lack of information and resources.
Regarding weddings, LGBTIQ+ couples have no examples to follow from couples of the same gender. They could have to be creative, utilise their wits, or look to the norms of the heterosexual wedding as a model.
In contrast, heterosexual couples have models in their families and communities who are married and have a deep understanding of wedding and marital traditions.
All of the ceremonies surrounding weddings have been conducted straightforwardly.
Straight relationship models may be seen in both real life and the media. In the past, television and film exclusively depicted marriages between heterosexuals.
How Many Australians Are Married?
Overall, 56% of Australian adults are married or committed, followed by 29% of never-married people and 9% of divorcees.
According to statistics from Finder, men are more likely than women to be married or in a committed relationship (59%). Women are more likely than males to have never been married (30%), to have been divorced (9%), to be widowed (3%) or to be living apart (3%).
Baby Boomers are most likely married or in a committed relationship (64%) and divorced (16%). The majority of Australian Gen Zers (61%) have never been married, which is not unexpected.
Australia has the highest marriage rate (59%), while Tasmania and Western Australia have the highest rate of divorce (12%). With 32% of adults in Victoria having never been married, Victoria has the highest percentage of single Australians.
How Couples Get Married Every Year?
There were 89,164 registered weddings in Australia in 2021, a 13% increase from 2020, showing that the lifting of COVID-19 pandemic lockdowns significantly influenced couples to get married.
However, for many years, the marriage rate has been declining. During the pandemic, the marriage rate decreased from 5.3 per 1,000 persons in 2001 to 4.5 per 1,000 in 2019 and 3.1 in 2020. In 2021, it only marginally climbed to 3.5 per 1,000.
The Peak Seasons for Weddings
In 2021, 11,838 and 10,456 weddings were placed during March and April, respectively. November (8,828) and October (also close behind) are the next most popular for weddings. (7,685).
Saturday was the most popular day for weddings, with 41776 ceremonies, or 49% of the total, taking place on that day. However, just 4% of weddings took place on a weekday (Monday or Tuesday) last year.
On March 27, 2021, 1,738 couples tied the knot in Australia. This was the most popular wedding day that year.
How Many Individuals Divorce Annually?
In 2021, there were 56,244 divorce decrees granted in Australia. The divorce occurred on average 12.2 years after the marriage began, while the median period after separation was 8.4 years.
Divorce rates have been falling steadily since 2001, from 2.9 per 1,000 that year to 1.9 in 2020 and 2.2 in 2021.
The predicted result of the epidemic until 2021 has been a small increase in the divorce rate, as people have been forced to spend more time alone at home. However, the long-term trend of lowering divorce rates is most likely caused by fewer people getting married in the first place.
Women have a higher divorce rate at a younger age than men do. Divorce rates are highest for women at 43 and men at 45.9.
Married couples enjoy better financial status than divorced or unmarried people
Finder found that individuals who are married or in a committed relationship had a higher standard of living than those who have never been married, are divorced, or are separated. The average marital or committed couple’s savings is $37,850, whereas the average savings of a divorced or single individual is $11,469.
It’s fascinating to learn that widows average, have a nest egg of $37,952. The passing down of wealth is likely to blame.
Finder found that those who are married or in a committed relationship are more likely to be financially secure than those who have never been married, are divorced, never had children, or are single. They have the most significant average savings balance ($35,898) of any demographic.
Similarly, married or committed Australians to save much more monthly ($857) than their single and divorced counterparts ($570 and $416, respectively).
Daily extreme financial stress is lower among the married or in a committed relationship (21% vs. 27%).
They also report higher levels of job satisfaction (69% vs. 64%) than divorcees and those who have never been married (62%).
People who marry later in life tend to have higher incomes than those who don’t because they’ve had more time to build their careers before settling down.
Married persons tend to have more financial security than their counterparts since they can pool their incomes and assets.
Divorcees and Separated People Have the Most Credit Card Debt
Divorcees and exes tend to have greater credit card debt than those who remain together. Separated persons have an average of $2,258 in credit card debt, while divorced people have an average of $1,878.
However, couples and cohabiting people had far lower average debt levels, at $1,744. This discrepancy is due to the recent rise in the cost of living, which has increased the costs associated with maintaining independent housing, food, and utility budgets.
Finder reports that arguments between partners have increased with the expense of living. Twenty-five per cent of the 358 respondents who said that cost of living concerns had strained their relationship in the prior year also said they had to lie to their spouse about their spending.
When asked why they were still living with an ex after being dumped, 11% of respondents claimed it was to save money on accommodation.
Tips For A Financially Healthy Relationship
Maintaining a healthy relationship with money requires work since there are lulls in the action that might seem dull. Do you plan to put more money into your new retirement account? Money and you are getting along well.
Your connection to money, like many others, has room to grow and improve. But with consistent work and commitment, you may strengthen your partnership to become financially secure, realise your financial goals, and create a promising future.
1. Plan Something Special Each Month
Money is a tool that may assist you in meeting your necessities and achieving your objectives, but it should also make you happy. If your financial situation does not periodically make you happy, you will run out of steam.
A prudent strategy for enjoying your money is to plan how to use it. Make a little savings category part of your spending plan, and at least once a month, plan to participate in an activity that is both fun and beneficial to your finances.
2. Attitude Matters
Adopting the right mentality and a healthy viewpoint towards finances may make your relationship stronger. You may feel fortunate to have a career that allows you to bring in money.
Being grateful and appreciative of what you currently have may help you become happier with less material possessions, which can help you save money. Or, you are satisfied with the growth in your financial situation. Your relationship will benefit from maintaining a positive mindset.
3. Consider the Little Things Too
It is important to pay special attention to the specifics. If you decide to indulge in a speciality coffee on a Sunday morning, you owe it to yourself to give it your whole attention.
You can even celebrate a financial win by buying a friend a gift or having fun with it. Keeping a good relationship with your money may be helped along by paying attention to the seemingly little details.
4. Move On!
You may learn useful lessons through making errors, such as improper use of credit cards, “cheating” with your budget, or dealing with a bank rather than a credit union. Let go of it and move on as you concentrate on correcting those mistakes.
There is no use in dwelling on decisions that have already been made. Be kind to yourself first and foremost. You can have failures with your money and finances at some point.
5. Admit When You’re Wrong
Specific individuals are either unwilling to admit they have made errors or are in denial about their poor connection with money.
It is essential to one’s financial stability to be honest about one’s current financial situation while accepting responsibility for inappropriate behaviour. Try to be open and honest with one another in your relationship rather than offering excuses.
6. Take Breaks
You may need a vacation from thinking about your budget and money occasionally. Comparable to how being too critical may harm a love relationship, micromanaging every purchase and allowing one’s anxiety about reaching a financial goal to consume them to an unhealthy degree can be counterproductive.
Remember to strike a balance. How do you keep track of your finances without letting yourself get overwhelmed by the specifics?
7. Focus on the Most Important Things
Be careful since destructive influences and uncontrollable factors from the outside might destroy your relationship. To have a healthy connection with your financial situation, you must set some limits for yourself.
8. Don’t Compare
The lavish ways that other people choose to live or the pricey things they buy might create the idea that these individuals have a healthy relationship with money.
However, as the old saying goes, “appearances can be deceiving,” dishonesty in this situation might endanger your relationship. Remember that you should concentrate on yourself and prevent thinking things like “It must be nice” or “It isn’t fair!”
9. Choose People Around You
It is to one’s benefit to maintain strong relationships with persons who share one’s values and points of view about monetary matters. People who keep healthy relationships with their finances might serve as a source of motivation for others to do the same.
Remember that you should avoid making similarities and instead focus on how thinking about them may assist you in staying in the program.
10. Consult Professional Counseling When Need Be
It is OK to ask for help. You may plan for the future as much as you want, learn as much as possible, and follow as many financial and social media accounts as you like. However, you may need expert debt, investments, and refinancing assistance.
If you need help fixing anything or clarifying your financial situation, it’s best to go elsewhere for assistance.
Your feelings about money, like your feelings toward other people, will evolve as you do. Consider how your budget will change if you get a raise, establish a family, make a big purchase, or retire.
11. Have a Joint Account
Some married couples believe that having individual bank accounts is the most effective method to prevent disagreements around finances.
His paycheck is deposited into one account, while hers is deposited into another, yet, they both pay their expenses. If there’s no foul, there’s no damage. This sets the stage for severe troubles in both your marriage and your financial situation in the future.
12. Discuss Your Lifestyle Choices Together
Take the case when one spouse desires to spend more money on name-brand things while the other wants to refresh their wardrobe by shopping at Goodwill. If your budget can handle your expensive tastes, maintaining them will be easy.
Marriages are built on the principle of compromise. You could want to go to an outlet mall to locate higher-end products at lower prices if that’s what you both like to shop for.
The rationale is that you should only spend your money rather than wish you had more. Even though you’d want to imitate the perfectly styled Instagram photos, there are better ideas than this if you’re attempting to save money.
13. Appreciate Your Diverse Personalities
People have independent views on finances, and opposites tend to gravitate toward one another. One of you likes working with numbers, while the other would rather not be limited by them. Your habits of budgeting and spending money may vary.
Personality conflicts may exacerbate some difficulties in your marriage, but they are not the actual cause of your financial and emotional distress. This problem arises if one partner must listen to the other’s input or take a break from handling financial matters.
Financial nerds take note. Refrain from hoarding knowledge about your financial status. Stop attempting to impose your so-called “knowledge” on your independent spouse.
If you’re the less careful partner, don’t simply nod and say, “That looks great, babe.” Budget meetings are where your voice may be heard! Remember to provide constructive criticism and positive reinforcement.
Since you’re both on the same team, you must collaborate on the budget. Take use of the many perspectives and skillsets represented on your team to achieve greater success.
14. Don’t Focus Too Much on Salary Differences
One spouse usually brings in more money than the other in a normal marriage. In most cases, your salaries won’t be equal. The problem, however, may remain the same whether the yearly rise is $50 or $50,000.
Instead of seeing your combined income as “our money,” you and your partner may view your paychecks as sources of control. A couple’s higher-earning partner may feel they should have more say in major decisions. Just stay away from the area. That’s asking for additional debt and marital strife.
It belongs to both of us. No good can come from privileging one person’s funds over another’s. As a pair, you make up a team. It’s time to act the part.
The lower-earning partner or the one who stays home with the kids can feel they shouldn’t have as much say in significant decisions. Many stay-at-home moms have told me they feel guilty about spending money on anything beyond necessities.
But remember that you’re on the same team as your partner. The financial and marital decisions are equally in your hands. You’re already doing a lot to help your family save money, so there’s no use in harping on that fact.
