By Insight Tr3s
June is here and wedding season is upon us. But with the marriage rate in the U.S. declining since the 1950s, there’s no doubt that this is an institution in transition. Are Hispanic adult Millennials participating in this trend? To answer that question, Tr3s’s new research study, Hispanic Adult Millennials Living the Next Normal: Age of Uncertainty, takes a close look at how young Latinos today feel about marriage. The following are some key findings from Tr3s’s analysis.
Among Hispanic young adults, the marriage rate has experienced dramatic change in the last four years. In 2008, 34% of Hispanics 18 to 29 had tied the knot – compared with 24% in 2012, for a decline of 29%.
Though Hispanics in their 30s are just a few years older, they’re significantly more likely to have a husband or wife. In 2012, 58% of Hispanic thirty-somethings were married – however, their marriage rate has also fallen in the last four years. Two-thirds of this group, which skews more foreign-born, was married in 2008.
Why are Hispanic Millennials 18 to 29 not rushing to make wedding plans? According to Tr3s’s research, they do value marriage highly – but they also see it as risky.
Money is a major concern. Not only are weddings costly, so is moving out of Mom and Dad’s house and taking on the expense of living on their own.
Before they settle down, Hispanic young adults also have goals they want to accomplish – like being happy, establishing financial stability, and having a career. This focus on goals is more pronounced in Hispanics 18 to 29 than in their non-Hispanic peers.
Hispanic young adults also want to be sure they trust their partner before committing to marriage. They are true romantics who hope to marry that perfect partner – someday. For now, however, they are taking their time to make sure their boyfriends or girlfriends live up to their ideals.
The Hispanic young adults of today are delaying marriage because it’s so important to them. Tr3s research revealed that Hispanics who live with romantic partners see marriage as the most important life event. For those still living at home, as one participant in our study told us, “Finding someone worth leaving your parents for is tough.” They’re proceeding with caution so they can have their lives in order and be sure they really trust their partner before saying “I do.”
Source: Tr3s 2012 “Hispanic Adult Millennials Living the Next Normal: Age of Uncertainty,” Experian Simmons Summer 2012 Full Year and Summer 2008 Full Year