Proposed Ban on Wedding Loans by Deputy

Fresh Take:

Deputy Ardak Nazarov sparked a discussion about the soaring divorce rates in Kazakhstan during a Mazhilis session, proposing measures to strengthen the institution of family.

"Isn't it alarming? In 2023 alone, we saw 120,800 marriages, but 40,200 ended in divorce. That leaves us with 400,000 single women and 60,000 single men. Something's not right here!" he questioned.

Nazarov believes that neglecting family issues could lead to societal stagnation. He suggested hiking the state duty for divorce applications and increasing the income tax rate for divorced individuals, as well as launching an informational campaign against wedding loans, which "often drive young couples into debt."

He also proposed a national "Young Family" program to support new families, offering mortgage discounts, tax holidays, and loan restrictions for weddings.

“Modern society has turned weddings into a one-time financial burden. Repaying a loan for several years post-wedding can drain a family's resources and impact their financial independence," Nazarov explained.

This concern over wedding loans in Kazakhstan isn't new. Back in 2023, Olzhas Kizatov, the First Deputy Chairman of the Agency for Regulation and Development of the Financial Market, discussed the topic, stating that the government doesn't have the authority to restrict specific types of lending.

As of now, divorces in the country continue to rise. Every second union is breaking up, according to the Ministry of Justice. In 2021, over 40,000 divorce cases were registered.

Interestingly, various trends have emerged, such as increasing numbers of Kazakh brides keeping their maiden names post-marriage, and a growing popularity of prenuptial agreements, with over 6,000 contracts signed last year.

For specific insights on wedding loan regulations and trends in Kazakhstan, seek out financial news sources, government financial regulations, and cultural or social studies on wedding practices and economic impacts in Kazakhstan.

Deputy Ardak Nazarov's proposal in the plenary session on strengthening the institution of family included the suggestion to hike the state duty for divorce applications from Nazarov himself.
In 2023, Olzhas Kizatov, the First Deputy Chairman of the Agency for Regulation and Development of the Financial Market, had already discussed the issue of wedding loans in Kazakhstan, stating that the government lacks the authority to restrict specific types of lending.
In 2021, the Bureau of Statistics recorded over 40,000 divorce cases in Kazakhstan, indicating a potential rise in marriages ending in divorce.