May 27, 2011 at 10:58 AM ET
In general, people in their 20s don’t save much money by getting married but they do spend less than their single friends on certain things.
A new report from the number crunchers at the Bureau of Labor Statistics finds that overall, 21- to 29-year-olds spend about the same amount overall whether they are married or single.
But while single people were spending more on fun stuff, like alcohol and food, married people were spending more on mundane services like transportation, health care and personal insurance, according to the report, based on survey data from 2008 and 2009.
The cost savings associated with marriage appear to kick in once people reach their late twenties.
A typical married person 21 to 23 years old spends more on average than a single person of the same age ($21,138 and $19,980 a year, respectively). But it’s worth noting that the average income for married people in that age range was about one-third higher than for single people.
The tables turn when you look at people who are 27 to 29. In that age group, married people spent an average of $27,816 per person per year while a single people spent $35,026 on average. Income levels for 27- to 29-year-olds were about the same regardless of marital status.
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