The Pew Research Center recently released a new study that details some interesting and potentially alarming facts. The survey, performed in association with Time, found that among the 2,691 Americans polled, nearly four in 10 believe marriage is becoming obsolete.

Notwithstanding the obvious ethical and spiritual value of marriage, the union of man and wife has long been considered a financial strategy as well. So why do a majority of today’s adults view marriage as a dying trend and what are the financial implications of such a belief?

Financial Benefits of Marriage

Among the numerous advantages to getting married, such as showing commitment to the one you love and providing your children with a stable two-parent household, there are plenty more financial pros to getting hitched:

Tax Deductions: Married taxpayers who file jointly have the opportunity to share benefits like tax deductions for dependents and mortgage payments.

No Estate or Gift Tax: The tax benefits don’t end there. Unlike gifting or leaving an inheritance of sizable value to family members, giving to your spouse is exempt from taxation.

Affordable Benefits: Instead of paying single policy premiums for things like health insurance, families can enjoy reduced rates for group coverage.

Social Security: In the event the husband or wife dies, the surviving spouse is entitled to their partner’s Social Security benefits if they are higher than their own.

Why Marriage Is Considered “Obsolete”

According to the study, 29 percent of children under the age of 18 are living with an unmarried parent or parents–15 percent of whom have divorced parents. Could this be the reason marriage is becoming less popular?

Perhaps grown children have taken a step toward social change and don’t want to repeat their parents’ mistakes by entering into a marriage for the wrong reasons. After all, 67 percent of survey participants are optimistic about the future of marriage and family, so the value of marriage hasn’t changed much. It seems the difference lies in why people choose to get married or remain single.

Marrying for Love, Not Stability

Economic stability has often been a top factor in prompting couples to tie the knot. Interestingly enough, however, those polled in the study who earn under $30,000 per year and/or have a high school education or less were the most likely to view marriage as a dying institution. This means that today’s adults who are most vulnerable to financial struggles are the least likely to get married. Apparently, people don’t marry for money anymore.

In fact, money is the least common reason for marriage. According to ABC News, the reasons respondents cited for getting married are as follows:

• 93 percent: Love
• 87 percent: Making a lifelong commitment
• 81 percent: Companionship
• 59 percent: Having children
• 31 percent: Financial stability

These findings can be viewed as both positive and negative. On one hand, the all-important institution of marriage seems to be on a downturn with those who aren’t already divorced opting out all together.

Yet, there is a spark of hope because those who do get hitched are doing so for all the right reasons, not simply to balance the household budget.

Perhaps this new trend in thinking will not lead to the decline of marriage after all, but rather a new version of it with a lower divorce rate and happier couples.

This guest post was written by Casey Bond from Go Banking Rates, a website that brings you informative personal finance content and helpful tools, as well as the best interest rates on financial services nationwide. Follow them on Twitter at @GoBankingRates.

In a marriage, two become one. 

Whether you like it or not, the moment you say, “I do” your money is no longer your money – it is now “ours”.  Personal finance, handling money and making important financial decisions is a joint venture – at least if you want a lasting marriage it is!

It’s amazing that after six years I still have to fight my natural tendencies to want to do things my way – selfishly.

I came across a fairly recent Fidelity study from June 2009 that states:

The results show that despite two years of unprecedented economic and financial instability, which has severely impacted most American households, husbands and wives have done little to improve their communication, planning and management of retirement finances.

Of great concern is that only 15 percent of couples feel confident that both of them could assume responsibility for their joint finances if necessary.

I found this to be rather shocking – although I guess I shouldn’t let it surprise me.  Only 15 percent of couples actually feel confident to manage finances jointly if necessary? 

Take a look at these numbers:

The study found that less than half of couples make decisions jointly regarding the day-to-day financial decisions of the household such as budgeting and bill payment (45 percent).

Even fewer couples jointly discuss investment decisions for retirement savings (38 percent).

On critical retirement decisions, 60 percent of couples don’t agree on their respective retirement ages, 44 percent are not in agreement on whether they will work in retirement, and 42 percent have different ideas regarding their expected lifestyle in retirement.

Now don’t get me wrong – my wife and I do not do things perfectly, nor do we communicate as well as we could or should when it comes to personal finances.  We have found a system that works for us – my wife handles the day-to-day and I handle the bigger picture, investment types of decisions. 

Every so often we sit down and have a review of our overall situation and make any adjustments as necessary.  The point is we are still talking about what’s going on. 

So why do so many couples not view their finances as a joint venture?  Here are a few reasons I came up with:

Couples often disagree

Say it ain’t so!  I know, I know – I wish it weren’t true, but it is.  Couples often disagree.  We are all unique individuals so it’s unrealistic to think that couples will agree on every decision.

Because couples disagree it’s easier to avoid those discussions rather than face them head on.

The question is what do you do with that disagreement?  Do you argue, belittle and disparage your mate to try to get them to agree with you – or do you discuss the points of disagreement calmly, while trying to seek a better understanding of where your spouse is coming from?

 Couples have different money personalities

Have you ever noticed that many times a saver marries a spender?  Or, a person who really, really loves “wining and dining” marries a homebody?  A person who loves to roll the dice with their investments marries a conservative investor – I could go on…

Why is that?  Opposites often attract – and that’s a good thing!  As much as you might like yourself, you wouldn’t want to be married to someone just like you. 

Different personalities contribute well to the marriage – and it’s actually good for managing finances (although not fun sometimes) because each person brings a unique view.

It’s hard – and I need help with this too – but we should celebrate the differences in money personalities that our spouses have rather than get frustrated with them or always think that the way we handle money is the right way.

How do couples resolve their differences

The big thing I noticed with this study was the lack of communication.  That is the key right there.  If couples aren’t communicating then there really is no chance for resolving differences or misunderstandings. 

I’m going to talk directly to the guys for a second – we’re often not the best communicators, but that doesn’t give us an excuse for not talking with our wives about our thoughts, frustrations or decisions when it comes to money. 

So guys, get out of your comfort zone and talk to your wife!  Plan a little coffee night - head to the local Starbucks and sit down together with a pad and paper and talk through your personal finances – and listen intently.

If you really want to get ahead financially and make big strides both spouses need to be on the same page!  Managing your money successfully is a joint venture!