Tax Day highlights the costs of single living – but demographics are forcing financial change

Filing singly? You’re not alone.& Alfexe/Getty Images Plus Peter McGraw, University of Colorado Boulder Tax Day is right around the corner – an annual reminder that without the option to file jointly, singles pay more per dollar earned than married people. Tax advantages are just one of over 1,000 legal and economic benefits married couples enjoy, a disparity worsened by marketplace and employer practices. Despite its disadvantages, single living is on the rise. While the average age of first marriage was just 21 in 1960, today it has risen to 29. Half the adults in the U.S. are unmarried, and half of them aren’t seeking a relationship. As many as a third of Zoomers may never tie the knot. But this shift is more than cultural – it’s redefining the rules of personal finance. Freed from the constraints of shared decision-making, single people are earning, spending and investing on their own terms. And as a behavioral economist who studies single living, I think this could mean big things for the future of money. As more people opt out of marriage, I expect that governments, businesses and financial systems will adapt – just as they did in response to women’s economic...