A financial therapist says you shouldn't delay marriage until you're financially stable for 2 reasons (2024)

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• Millennials are more likely to delay marriage because of money than older generations.
• Financial therapist Megan McCoy says you might actually get wealthier if you get married sooner.
• Married couples tend to be more motivated to achieve financial goals by thinking of shared expenses and income as "our money" instead of "my money."
• Read more stories from Personal Finance Insider.

If you're waiting until you're more financially stable to marry your partner, you're not alone.

A 2019 study by Insider and Morning Consult showed that 26% of millennials are delaying marriage because of money compared to 8% of baby boomers.

However, Financial therapist Megan McCoy, Ph.D., LMFT, AFC, CFT-I says the strategy of waiting until you're wealthy to get married might be working against young people in particular. McCoy tells Insider, "Waiting until you're financially stable to get married is kind of an oxymoron. You'll probably get more financially stable if you're married."

1. Sharing expenses helps you save money

McCoy says that having two incomes and shared expenses helps couples make the most of their money.When it comes to student loan debt repayment, for example, a common strategy married couples use is living frugally off of one person's salary while using the other person's salary to quickly pay down debt.

McCoy adds, "Another reason why married people are richer is because, once you become that committed, you are more likely to make smaller sacrifices for each other." For example, one partner may be more motivated to skip that morning trip to Starbucks and put $5 in their savings account each day because, as a couple, they might be saving for a bigger financial goal, like a vacation or having children.

"When it'sourmoney versus mymoney, you're more willing to give that up," she says.

2. Healthy money conversations help couples make smart money decisions

In a 2020 study, McCoy and her colleagues found that 79% of participants didn't talk to their friends or family at all about money in over a year. On the other hand, millennial wealth expert Kenny Senour, CFP says millennial couples are more open to having healthy money conversations with each other than other generations.

McCoy says that having regular, healthy conversations about shared finances with a partner can deepen intimacy and help each individual stay focused on long-term financial goals.