Eliminating credit card debt is a guaranteed 20% return: Personal finance expert
Being single has always been taxing. New data show just how hard it can be on an individual’s finances.
Nearly 40 per cent of Americans between the ages of 25 and 54 were living without a spouse or partner in 2019, according to a new analysis of census data by the Pew Research Center. That’s a marked increase from 1990, when just 29 per cent of Americans were unpartnered.
Since then, the economic outcomes for single people have declined relative to those with partners.
“Unpartnered adults have lower earnings, on average, than partnered adults and are less likely to be employed or economically independent,” the report found. “They also have lower educational attainment and are more likely to live with their parents.”
The median earnings for single men in 2019 were US$35,600, compared with US$57,000 for partnered men. The gap for women was US$32,000 versus US$40,000.
About 73 per cent of single men were employed in 2019, compared with 91 per cent of partnered men. It’s the inverse for women: 77 per cent of single women were employed in 2019, compared with 74 per cent of partnered women. Economic outcomes for unpartnered men have gotten worse since 1990, whereas the economic outcomes for partnered women have improved, according to Pew.
The report also found something of a “marriage bonus” for people who have tied the knot versus partners who are simply cohabiting. Some 89 per cent of men living with a partner, for instance, are employed, compared with 92 per cent of married men.