Marriage is everybody’s goal in life, and as far as the couples are concerned, it has a lot of benefits that both husband and wife can enjoy, some of which affect the economic growth because it includes an impact on social and financial states of both couples. So how does it affect economic development? Here is a list of reasons.
Creates A Higher Labor Force – The economic commitment of marriage has given each country a higher labor force. Couples who are married tend to earn a lot of money compared to those who stay single. They intend to work harder and smarter to be able to produce more income that will support the important needs of the family. It contributes to economic growth due to the forming of potential skilled workers that value their job to be able to become good providers.
Supports An Upward Financial Mobility – Marriage is associated with rising income equality since some parts of the globe allow both men and women to have an equal salary. Over some period of working, the couples can be able to maintain a combined high grossing income while only having a lesser amount of expenses.
Helps In Declining Poverty Rate – The role of marriage when it comes to poverty is highly associated with the number of children a family can produce. They have full control of the total number of children that they are capable of supporting. In most cases, a financially well-oriented couple tends to lower the number of their kids due to the high demands of financial responsibility.
Promotes Educational Assessment – One thing that marriage can do for the economy is to improve educational support. A married couple tends to focus on providing their children with a quality education that is essential for future references. It allows the couple to create an impact on the economic growth by sustaining educational attainment for their child so he can contribute to the benefits of the world.
Allows Demographic Changes – Since it is necessary for a family to stay intact as one unit, married couples contribute to the demographic changes in the world. It allows them to sustain a balanced internal growth within the circle of their unit. Therefore, it somehow lessens the population among middle and upper-class families.
Allows Employment – Married couples are proven to get the benefits of being employed compared to those single ones. They benefit from taxes because they serve as a single taxable unit that belongs to the government’s lower bracket. It allows both of them to save a potential amount of money due to the child or spouse dependent exemptions and standard deductions when filed jointly. In this sense, married couples and their family area capable of acquiring human and social capital contribution to potential companies and industries.
The situation of the world economic development is solely associated with marriage because a factor such as joint contribution in an increasingly significant amount of productivity falls in a broader economy. It serves as one of the country’s assets in sustaining economic balance while under the pressure of trade and industry.