When it comes to marriage, Millennials are saying “I don’t.”
Today’s young adults are on track have the lowest rates of marriage by age 40 compared to any previous generation. If the current pace continues, more than 30% of Millennial women will remain unmarried by age 40, nearly twice the share of their Gen X counterparts, according to a recent Urban Institute report.
And that could have serious economic repercussions for both the Millennials and the nation as a whole.
There are several reasons behind the plunge. The importance of marriage has been diminishing for years. More Americans are living together without getting married, and some are raising families … just without the gold bands, said Neil Howe, an economist and author of several books about Millennials.
Also, marriage used to be the starting point for young adults. They got hitched early and built a life together, Howe said. Now, many people feel they have to be more established, especially financially, before they walk down the aisle.