According to a recent study at Emory University, engaged couples should hold back on the bling and cancel the caterer.
Two economists, Andrew Francis and Hugo M. Mialon, surveyed more than 3,000 married people in the United States and concluded that “marriage duration is inversely associated with spending on the engagement ring and wedding ceremony.”
Delivering a low blow to the wedding industry and Kim Kardashian, they report that men who spend $2,000 and $4,000 on an engagement ring are 1.3 times more likely to divorce than men spending between $500 and $2,000. At the same time, men spending and between $5,000 and $10,000 on the wedding are twice as likely to divorce as those spending less than $1,000.
In the sample of women, spending $20,00 or more is associated with 1.6 times the hazard of divorce.
On the other hand, the expense of a honeymoon appears to have zero impact on the duration of the marriage.
The average wedding costs $35,000, and the average honeymoon cots $3,500 to $5,000. In the interest of a long-term marriage, do the math
So what do you think? Does the high cost of marriage in the United States contribute to our nation’s divorce rate? Add your comments here.