DIVORCED MUMS THE FINANCIAL LOSERS
Statistics out today paint a gloomy picture of the financial hit women – especially mothers – take in a divorce.
The study, led by the Federal Government’s Institute of Family Studies, shows it takes divorced mothers six years to rebound financially from divorce, with household income dropping significantly, particularly in the first year.
Conversely, men’s income continued to rise – but emotionally they suffered longer than women.
“While the research showed some women were able to return to their pre-divorce income after six years, through re-partnering, increased labour force participation and government benefits, this was not the case for divorced women with dependent children, who found it more difficult to combine paid work with family responsibilities,” reports smh.com.au.
“The research shows the employment rate for divorced women with no dependent children was far higher than those with dependent children, particularly in the first couple of years after divorce. Five years after divorce, however, the gap in employment closed significantly. Divorced women also received a greater portion of their income from government benefits than divorced men.”
“The report – based on data from the Household, Income and Labour Dynamics in Australia study – also showed divorced men and women have less household assets than their married and never married counterparts.
“While the assets of those who divorce are $180,000 to $190,000 less than non-divorced people, the gap doubles to $360,000 to $390,000 six years after divorce.”
But emotionally, women fare better than men.
The study reports that men still felt emotionally isolated six years after a marriage breakdown.
“After two years of divorce, 24 per cent of men said they felt isolated, compared with 12 per cent of women. After six years, more men (19 per cent) than women (12 per cent) still reported feelings of isolation,” says the smh.com.au
“A total of 35 per cent of men reported feeling ”very lonely” two years after divorce, compared with 25 per cent of women, and after six years, 26 per cent of men still reported loneliness compared with 20 per cent of women.”
Over to you… what is your experience of divorce? Did you take you take a financial hit? Have you recovered? If so, how did you do it?