Declining marriage rates may be harming the U.S. economy, according to a report by brokerage firm ConvergEx, which draws a correlation between fewer couples tying the knot and falling personal income growth.

In a report on Monday, ConvergEx said personal income growth in the U.S. stood at 2.9 percent per year in 2010, under half the 50-year average of 5.9 percent.

The report's authors Nicholas Colas, Beth Reed and Sarah Millar noted marriage rates among the general population have fallen sharply during the same time period, with only 56 percent of American adults currently married, versus 72 percent in 1970.

As a result, fewer men are benefiting from the “marriage wage premium” — the term coined by labor economists to describe the phenomenon whereby married men earn between 10 and 50 percent more than those who are single (the same does not apply for women). Economists disagree as to the reasons why, but some suggest marriage results in lifestyle changes that require greater consumer spending, leading men to develop a stronger work ethic and hence earn more.

“Using the argument that married men work harder because they have an obligation to support their family, then single men have less of an incentive to work hard since perhaps their biggest financial obligation is rent for an apartment,” the ConvergEx authors wrote.

They warned that a continued fall in marriage rates could hamper the U.S.’s ability to rejuvenate its economy.

“Marriage is an income-boosting measure. Less of it translates into weaker personal income growth, and consumer spending could take a (potentially long-term, structural) hit,” the authors said.

In addition, both male and female participation in the labor force is at record lows, with only 57.6 percent of women working and 70.1 percent of men. (Read More: One Billion Women to Enter Workplace in Next Decade)

The report warned: “Whatever the cause, the combination of fewer people of both sexes working and fewer dual-income households doesn’t bode well for the economy.”

More money news:

• Stock market is good gauge of election
• Higher-income workers have more work-at-home flexibility
• Uncle Sam gives retired workers a 1.7% raise
• Video: Pizza Hut backtracks on debate-related ad
• Sign up for our TODAY newsletter

Follow TODAY Money on Twitter and Facebook

Getty Images stock

Weddings don't have to be stressful. It just takes some planning ... and compromise.

Are you getting married this year or know somebody who is? The average cost of an American wedding is about $27,000 – and that doesn’t even include the cost of the honeymoon! 

Weddings should be –and usually are – blessed days of family, friends and fun. But they can often lead to stress and financial headaches. There's just so many questions.

What's the appropriate gift to give someone in their 20s? Or what about a second marriage gift? Is cash always preferred? How do I even begin making a budget? 

Do you have a questions about wedding finances? Or do you need advice on how to keep costs down? Send in your questions to TODAY.com  (use Wedding Advice in the subject field) and we may air it Wednesday, July 11, on TODAY. Please include your name and hometown along with your question. And if you Skype, let us know. Maybe we'll put your Skype question on air! 

This dress by Tadashi Shoji costs $468 at Nordstrom.

It used to be that bridal salons, in all their finery, stood alone on a pedestal. But in the past several years, bridal entourages have turned their attention to mass-market apparel chains, which show off more affordable styles. While American women spend an average of $1,121 on their wedding gowns, according to a recent survey by TheKnot.com and WeddingChannel.com, elegant dresses go for less than half that amount at department stores and other off-the-rack retailers.

Below are Cheapism’s top picks for brides-to-be on a budget.

• J. Crew wedding dresses (starting at $298) were among the first to attract frugal brides, who praise the sophisticated design and excellent quality. The line has expanded from only two styles in 2004 to more than 50 dresses available online. Brides can try on gowns in person at stores that carry the wedding collection. (Where to buy)
• Nordstrom wedding dresses (starting at $178) receive glowing reviews for their flattering fit and design that commands the spotlight. The retailer’s customer service stands out both online and in-store, where brides can book appointments with wedding stylists at 18 locations. (Where to buy)
• Bloomingdale's wedding dresses (starting at $248) generally have a less “bridal” look, attracting women who don’t see themselves in something from a traditional salon, according to reviews. The wedding section of the website is designed as a one-stop shop for everything from a dress for an engagement party to resort wear for the honeymoon. (Where to buy)

Price isn’t the only advantage of shopping at these stores. When you order a dress, it ships right away -- often arriving within a week -- instead of taking months to come in. And if you change your mind, you’re not stuck with a special-ordered dress. All our picks offer the option to return a gown to a store or by mail, if you order online. That’s one luxury a fancy salon doesn’t afford.

Before you commit to an off-the-rack gown, be sure to inspect it carefully. The seams should be straight and the fabric free of pulled threads. Be on the lookout for high-end material such as silk, which is uncommon but not unheard-of at this price point. You can also find intricate detail, although embellishment is sewn on by machine rather than by hand.

Opting for a less expensive dress doesn’t have to mean forgoing fashion-forward style. The collections on our list feature many of the season’s top wedding trends, as identified by The Knot. At Bloomingdale’s we saw slits and high-low hemlines, and Nordstrom features illusion necklines with jewels and beading atop sheer fabric.

Not all mass-market wedding collections offer the same level of savings. Much has been made of the Kirstie Kelly line at Costco, for instance, but those gowns start at about $700. That’s more than a majority of the dresses available at Ann Taylor, which has won favor for its affordable wedding collection. Designs by the Urban Outfitters brand BHLDN start at $600, but most fetch four figures.

More from Cheapism:
Cheap wedding dresses
Planning a cheap wedding
Cheap lawn mowers
Smartphone travel 

Reuters

Will and Kate’s royal wedding is coming just as many less famous brides-to-be gear up for the summer wedding season. And while most couples don’t have to budget for things like a Royal Air Force flyover, a carriage procession and a guest list that includes the subsection “members of foreign royal families,” the relative cost of getting hitched remains high.

It was nearly $27,000 on average last year, according to a recent survey from wedding website company The Knot.

The survey of around 19,000 brides who got married last year and were registered on one of The Knot’s websites found that the biggest costs were the engagement ring ($5,392) and the reception venue ($12,124). The photographer and videographer, wedding gown, rehearsal dinner and reception band also ranked high in the list of expenses.

Only about one-third of brides said the economy had impacted their wedding budget.

Still, some brides have found ways to cut the budget in recent years. The Knot reports that the average number of guests at weddings fell to an average of 141 in 2010, from 149 in 2009.

In addition, some couples have gone discount, looking to stores like Sam’s Club and Target for things like wedding flowers, invitations and rings. No-frills discounter Costco is even selling wedding dresses along with the other wedding items it already offers.

The Wall Street Journal notes that the royal bride and groom may have inadvertently given the rest of us some tips for saving money on the big day.

Among them: Use a hand-me-down ring (shown above), get married on a Friday instead of a Saturday and let the groom’s family shoulder some of the costs.

In a move that is neatly covers those who fall, on the Venn diagram of life, at the nexus of “dewy-eyed romantic” and “socially obliviously cheap,” we present this: