Financial Advisors Can Offer Services to Co-Habitating Couples
"As more U.S. adults are delaying marriage (or forgoing it altogether), the share who have ever lived with an unmarried partner has been on the rise. Amid these changes, most Americans find cohabitation acceptable, even for couples who don’t plan to get married, according to a new Pew Research Center survey."
"The share of U.S. adults who are currently married has declined modestly in recent decades, from 58% in 1995 to 53% today. Over the same period, the share of adults who are living with an unmarried partner has risen from 3% to 7%. While the share who are currently cohabiting remains far smaller than the share who are married, the share of adults ages 18 to 44 who have ever lived with an unmarried partner (59%) has surpassed the share who has ever been married (50%), according to a Pew Research Center analysis of the National Survey of Family Growth (NSFG)."
"Young adults are particularly accepting of cohabitation (78% of those ages 18 to 29 say it’s acceptable for an unmarried couple to live together, even if they don’t plan to get married) but majorities across age groups share this view."
"Most married and cohabiting adults cite love and companionship as major reasons why they decided to get married or move in with a partner. But about four-in-ten cohabiters also say finances and convenience were important factors in their decision: 38% say moving in with their partner made sense financially and 37% say it was convenient."
"About three-in-ten cohabiting adults who are not engaged but say they would like to get married someday say their partner’s (29%) or their own (27%) lack of financial readiness is a major reason why they’re not engaged or married to their current partner. About a quarter (24%) say their partner not being ready financially is a minor reason, and 29% say the same about their own finances."
Despite money being a primary reason for cohabitation, only 13.3% of Domestic Partners plan to pay for accounting/tax services and 8.9% plan to pay for financial/retirement planning services within the next year, according to AudienceSCAN. Financial service providers can promote the value of their services to Domestic Partners using both traditional and digital advertisements.
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