NASHVILLE, Tenn. – The dream of having a spouse, kids and that white picket fence is fading fast. In fact, according to a Pew research study the marriage rate has hit rock bottom.
That decline can pose an economic problem.
This is the time of year brides take that traditional walk down the aisle to marry their prince charming. But according to a new Pew research study, trends are changing and marriage may be going out of style among millennials.
Luke Salmen, a Lipscomb University student, said he understands.
"I think it's more like you know you're too young, you have so much time left, don't tie yourself down now, just have fun," he said.
Dr. Richard Grant, professor of finance and economics at Lipscomb University, said that lack of desire to tie the knot could hurt the economy.
"To the extent that people are not forming families," he said. "They're not maintaining a forward looking attitude so they're not investing in the future."
When couples do get married, they buy homes and have kids. Statistics show one new household adds about $145,000 to the US economy, and that's slowly going away.
"Partly with cultural changes and a lot of government policy changes over the last few decades, it has discouraged marriage," said Dr. Grant.
Getting hitched now means higher tax brackets and less government assistance, but all is not lost at least not here in Nashville, according to Lindsay Rothrock, a sales and marketing manager for Infinity Events & Catering.
"We're already booked a lot into 2016, especially May, April and June of next year," she said. "We also have about three or four weddings booked in 2017, as well."
Rothrock said folks of all ages are renting out the Bridge Building and the Bell Tower, making Nashville a popular destination wedding spot.
So saying, “I do” may not be at the top of your list, but the study also shows it could encourage prosperity. It said young married men make about $16,000 more than their single peers, while older married men make $19,000 more.
