The Ladies Oh, Lord.
posted by October 23 at 13:54 PMon
What is it my mother always used to say? “A man is not a plan”? Still, according to a new report, single women are hit hardest by economic downturns:
According to analysis of data from the Panel Study of Income Dynamics for individuals 25 to 61 years old, female-headed households have twice the likelihood – 13.5% - of seeing a 50% greater drop in their income than male-headed households’ probability – 6.6% - of such a drop. The probability of a major income drop for female-headed households has risen in the last two recessions.
Female-headed households are at a distinct disadvantage in recessions because they have fewer savings to draw upon. In an analysis by Harvard Professor Mariko Chang of the net worth of all unmarried women, he found that their median net worth was $12,900 – less than half the $26,850 for unmarried men. He found that the wage gap is the primary cause of this inequality of wealth – accounting for 39% of the disparity for never-married households and 18% of the disparity for divorced households.
More than half of all poor adult women - 54 percent - are single with no dependent children. Twenty-six percent of poor adult women are single women with dependent children
For more on the wage gap, see the Center for American Progress’s October 2008 report, The Straight Facts on Women in Poverty.