More couples are saying “I do” to divorce and not without good reason. It’s easier than ever to get one; the social stigma’s (mostly) evaporated; and as Pew recently pointed out, there are fewer economic repercussions for doing so.
Just look at the chart below, which illustrates how the decline in men and women’s post-divorce income has shifted since the early 1970s.
Back then, women were more dependent on men and suffered a steep drop in income when they split with the family breadwinner. Today’s average woman suffers less of a financial setback thanks to the fact that she probably has a day job and the gap between men and women’s earnings has narrowed.
The same can’t be said for America’s gentlemen.
Men these days are seeing a greater income drop when they get divorced, according to Pew. Not only are they losing the extra cash brought in by their partner, but they’re also dealing with a tough economy where jobs typically filled by men are having a hard time bouncing back.
Still, America’s women aren’t out of the dark just yet.
60 per cent of single mothers live in “economic insecurity,” with black and Hispanic women faring the worst and whites only a little bit better. Meanwhile, a study commissioned by the finance site LearnVest found 84 per cent remain insecure about setting financial goals.
Take a look at the Pew chart below:
Photo: Pew Research