The Western world is experiencing a population crisis due to a declining marriage rate, leading to a lower birth rate. This trend is harmful to the economy as fewer marriages result in fewer children. Consequently, there is an increase in the ageing population, which hinders economic growth. To address this issue, many countries provide incentives to encourage marriage.
Several countries, including Germany, Italy, Iceland, Singapore, France, the Netherlands, Russia, Luxembourg, and others, allow married couples to be taxed jointly instead of individually. This can lower their overall tax burden. In addition, Singapore and Russia provide loans and housing benefits to married couples. Furthermore, some countries offer financial incentives for single individuals to get married.
- Japan
In Japan, newlywed couples can receive up to 600,000 yen ($5,700) to cover their rent and other living expenses if they live in a municipality that has adopted Japan’s newlywed support program.
- Hungary
Hungary provides couples who married before the bride’s 41st birthday with subsidised loans of up to 10 million forints ($33,000). The Hungarian government is granting married couples a 10 million-forint (about €30,590) loan that they are not required to repay if they have three children.
- South Korea
South Korea is known for its declining marriage rate. Couples who find love in South Korea and make it to the altar could earn between $64,000 and $85,000. If the pilot experiment is successful, they intend to expand the program in 2025 to include international nationals who work or live in the region.
There are rumours that women don’t want to get married to South Korean men because they aren’t treated well by them. Changing attitudes towards marriage and traditional relationships, as some people will prefer casual relationships or cohabitation, and the financial implications of marriage deter people from getting married in these countries.
