While our parents were married homeowners with two-and-a-half kids by their mid-twenties, our generation hasn’t quite made it there yet. Most of us are still renting and haven’t even thought of kids because we’re not married, In fact, most of us aren’t even close. If you’ve somehow managed to find a significant other in a technological sea of catfish, chances are that you’re still not getting married, at least not at any point in the foreseeable future. While it’s been debated that it’s because of our opposition to commitment or extended young adult phases, the results are in, and the sad fact of the matter is that we’re not getting married because we’re all freaking broke.
Although 40 percent of boomers and 32 percent of Gen X-ers tied the knot between the ages of 18-30, when it comes down to millennials, that number decreases to a sad 20 percent. The biggest reason we’re not getting married at the ripe young age of 22 sadly comes down to student loans – with 70 percent of us borrowing an average of $37,132 for higher education, buying dinner for our 100 closest friends isn’t exactly the most feasible while we’re in our 20s. This was confirmed with a survey conducted by the American Student Assistance group, in which 29 percent of millennials said they weren’t getting married yet because of their high student loan debt burden.
As someone in a three-year-long relationship, I can certainly attest to this. While my parents and grandparents are bothering us to stop “living in sin” at Thanksgiving, our decisions to go to graduate school (as well as our low student incomes and high student debt levels) are holding us back from making the financial decision to tie the knot anytime soon. Sure, we could probably foot the cost of a ring, ceremony, reception, and honeymoon… if we weren’t throwing a combined monthly four figures at student loan debt that our parents simply didn’t have to deal with.
Sure, it sucks – especially when you see your high-earning peers or those with no college debt tying the knot – but at least we know we’re not alone in our money struggles. We’re all in this together – you know, except for all of those pharmacists and nurse anesthesiologists you see getting engaged. Screw those guys. The rest of us are in this together, okay? .