Advice: An engagement bicycle kicked off a revaluation of how Nivi Achanta and her fiance wanted to spend money as a couple.
“Wedding industry advertising has fueled the norm that spending large amounts on the engagement ring and wedding is an indication of commitment or is helpful for a marriage to be successful,” says Hugo Mialon, a professor of economics at Emory University in Atlanta. “But we find that they are inversely correlated.”polled about 3,000 married people on the cost of their weddings.
Mialon couldn’t prove what caused this correlation. Spending itself wasn’t the problem. Splurging on honeymoons, regardless of cost, wasn’t correlated with lower divorce rates. Nor were high personal incomes. And spending below the bare minimum, around $1,000, did nothing for marital prospects. But if happiness or a long marriage is what you’re after, it’s worth asking if the objects embedded in our rituals are special to you — or special to a mining corporation with excellent marketing.
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