In the past few decades, there has been a significant decline in marriage rates worldwide, with nearly 90% of the global population now residing in countries experiencing this trend. The United States, for instance, has witnessed a 60% drop in marriage rates since the 1970s, while the age at which individuals tie the knot has risen for both men and women.

A major factor contributing to this shift can be the changing economy, according to Brad Wilcox, director of the National Marriage Project at the University of Virginia. Economic pressures have resulted in people prioritising their education and career pursuits over marriage. As a consequence, many are choosing to delay marriage until later in life, if at all.

Financial considerations also play a crucial role in this phenomenon. Contrary to the common belief that married couples enjoy higher wealth compared to singles, the fear of increased expenses has stopped some from taking this big decision. The costs associated with weddings, homeownership, and child care are often perceived as burdensome.

Another significant factor contributing to the declining marriage rates is a change in attitudes towards responsibilities. Marriage is often seen as a commitment that requires individuals to share responsibilities and obligations with their partners. In modern times, some people are hesitant to take on these responsibilities, preferring to maintain their independence and freedom.

On the other hand, higher-income individuals tend to have more stable marriages. Financial security can bring a sense of stability in relationships, reducing the likelihood of divorce or separation. This further emphasises the impact of economic factors on the institution of marriage.

Interestingly, societal norms and acceptance also play a crucial role in shaping attitudes towards marriage. In certain regions, such as the United Kingdom, European Union, and the United States, having children without being married has become increasingly socially acceptable. This has led to a rise in the number of non-marital childbearing cases, reaching 50% in the UK, 42% in the EU, and 40% in the US in 2021. However, in East and South Asian countries like Japan, non-marital childbearing remains relatively low, standing at just 2.3%.

The consequences of declining marriage rates are particularly concerning in countries with ageing populations, such as Japan and China. In Japan, where the world's third-largest economy exists, the demographic crisis looms large due to a declining birthrate. China is also struggling with the challenge of a shrinking working population, expected to decrease by 10% by 2050. This will lead to a substantial increase in the number of elderly citizens who will require support and care.

Addressing the declining marriage rates requires an approach that acknowledges the issue. Firstly, promoting financial stability and providing support for young couples can alleviate the fear of increased expenses associated with marriage. Government initiatives aimed at easing the financial burden of starting a family and purchasing a home can encourage more people to consider marriage. Secondly, comprehensive educational programs should highlight the benefits of stable relationships and family life, emphasising the importance of shared responsibilities and emotional fulfilment that come with marriage.