Next time Beyoncé asks for all the single ladies to put their hands up, there may be a bigger crowd than you think.
Nearly 118 million Americans, or about 46% of those over 18 years old, are single, according to the U.S. Census Bureau. But that percent is actually much higher for women—a record-breaking 52% of them are unmarried or separated as of 2021, according to a recent report from Wells Fargo Economics.
The growing number of Americans who have never married, either because they decided to get married later in life or forgo getting hitched altogether, have driven the rise of single women in the U.S. The share of never-married women increased 20% over the past decade, according to Wells Fargo’s analysis of U.S. Department of Commerce data.
The growing number of single adults helps to normalize Americans’ decisions to remain uncoupled and broaden social trends. In fact, 68% of Americans believe that the stigma of being single is gradually diminishing, according to a recent survey by The Harris Poll. Yet, single women still tend to face more challenges when building wealth.
In fact, Harris finds three-quarters of Americans say that it can be more affordable to be in a relationship—especially when it comes to splitting everyday costs like housing expenses, food prices, or monthly bills.
And all singledom is not created equal, especially when it comes to gender parity. Women face not only a gender wage gap in the U.S.—earning about $0.83 per dollar to men—but they also run up against a wealth gap too. The median household income for married couples was $106,921 as of 2021, according to Census data. Single women earn a median income of $51,168, while single men make $70,525.
But it turns out the wealth gap is actually even wider than the pay gap, according to research from the Federal Bank of St. Louis. Married couples had a median net worth of just over $200,000 in 2019, according to the Federal Reserve’s latest survey of consumer finances. In contrast, single men had a median net worth of $57,000, while single women only accrued $47,000.
While that’s troubling, the Fed’s data includes both women who have never married, as well as those who divorced and may have commingled assets at some point. The St. Louis Fed’s research finds that single women who never married have a lower net worth of about $0.71 cents per one dollar compared to the median never-married man’s wealth, or a wealth penalty of about 29%. The picture gets even more bleak for single women with children.
But the persistent gender wealth gap highlights that it is more than just a “motherhood penalty” holding back women’s pay, Wells Fargo’s researchers point out. Especially since single women tend to be homeowners at higher rates than single men, and housing is a big part of most Americans’ total net worth.
Researchers at Wells Fargo, however, note these dynamics could shift as single women become an increasingly important segment in the workforce—and could leverage that position to potentially reduce the gender wage gap.
“The gradual improvement in single women’s labor market prospects could position them better to build wealth and gain spending power in the years ahead. But for now, single women often remain in a more financially fragile position than other segments of the population,” according to the report.
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As an enthusiast with a deep understanding of the topic, I can confidently address the concepts discussed in the article you provided. My expertise in social trends, economic analysis, and gender dynamics allows me to shed light on the key points raised in the text.
The article highlights a significant demographic shift in the United States, with nearly 118 million Americans, or 46% of those over 18, being single. Notably, a record-breaking 52% of women are unmarried or separated as of 2021, indicating a rising trend of singlehood among women. This information is backed by the U.S. Census Bureau and a report from Wells Fargo Economics.
The rise in single adults is portrayed as a normalization of decisions to remain uncoupled, with 68% of Americans believing that the stigma of being single is gradually diminishing, as revealed by a survey from The Harris Poll. However, the article underscores that single women face challenges in building wealth, despite the changing social attitudes toward singlehood.
The economic disparities between single individuals and married couples are brought to light, with insights from Census data and research from the Federal Bank of St. Louis. Single women, in particular, experience both a gender wage gap and a wealth gap. The median household income for married couples is significantly higher than that of single women and men. Moreover, the wealth gap is emphasized as being wider than the pay gap, according to the Federal Reserve's survey of consumer finances.
Wells Fargo's researchers point out that the persistent gender wealth gap is not solely attributable to a "motherhood penalty." They highlight that single women, who tend to be homeowners at higher rates than single men, face financial fragility despite their property ownership. The report suggests that as single women become an increasingly important segment in the workforce, there is potential for positive shifts in their labor market prospects, which could lead to reduced gender wage gaps in the future.
In summary, the article delves into the demographic and economic aspects of singlehood, emphasizing the challenges faced by single women in building wealth compared to their married counterparts. The intersection of gender dynamics, homeownership, and economic trends is crucial in understanding the complexities of this societal shift.
