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 Marriage pays the mortgage - and it shows

 

Wednesday, January 07, 2004


Clearly a relationship or marriage allows people to increase their household income, but even though the UK's divorce rate has been rising in recent years, marriage is perceived to be a better indication of well being than the size of a person's bank balance (33%), the friends we keep (32%) and the job we do (29%).

According to a study from Birmingham Midshires, nearly half of Britons (47%) believe a strong marriage is the best way to feel contentment in life.

Stereotypical material symbols of well being in modern life such as fancy cars, designer clothes, and exotic holidays are far less important to people, despite a period of high consumer spending.

Although the study did not ask people to focus simply on people's financial health, financial figures from the Department for Work and Pensions (DWP) show that a relationship or marriage is a means for people to increase their household income.

Single men without children, on average, have a weekly income of £224, while women, on average, have £193. But the weekly income, on average, for a person in a couple without children is £350 for men and £180 for women.

Birmingham Midshires 'Saving Britain' Campaign aims to boost public awareness of the importance of saving and to help Britons manage their money better.

The Birmingham Midshires study asked a GB representative sample of 1,000 people what (leaving aside their own health) they believed was the best indication of personal well being in society. The top five symbols of well-being in society include:

Symbol

National Average

Male Average

Female Average

Marriage

47%

43%

51%

Money in the Bank

33%

34%

30%

Friendships

32%

30%

33%

Good pension

30%

29%

31%

Successful job

29%

29%

28%

Around the regions

56% of people in Wales see a successful marriage as an indication of their well being. Having a good relationship with a partner was the top indication of personal wealth for all regions - though less highly thought of in the North East (44%) and the North West (40%).

Having a large sum of money in the bank was the most important indication of well being for people in the South West (42%) and for people in the North of England (40%). While people in Scotland valued friendships as the most important indication of well being (47%).

Matthew Grayson, spokesperson for Birmingham Midshires, said: "The survey highlights the things that give people a sense of well being in modern Britain.”

“To be honest, with divorce rates at an all time high, we're quite surprised to find that a successful marriage is now regarded as a way to achieve wealth and happiness.”

"The profile of celebrity married couples may have had an influence and, of course, people view marriage as a means of greater financial security. In certain regions of the UK, for example, there have been reports of people buying property together, and the financial pressures on young single people is arguably encouraging them to find a stable partner."

 
 
     
     
 

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