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Single People: Why is it Harder to Weather Inflation?

single people
Sad single girl seeing an affectionate couple who are walking outdoors in a park

Single people, I’m sorry. I’m about to discuss yet another issue caused by not finding “the one.” It’s hard enough being single, but does being single make it harder to deal with inflation? Married couples have been able to weather inflation better than their single counterparts.

The financial advantage of getting married

It’s not a new idea that pooling your assets, having more than one income source, and getting some tax breaks, helps you become more financially stable. But many overlook how people who haven’t found a partner are faring through a pandemic. It was a lot easier to shell out for groceries, deal with mental health issues, and grasp some of the new concepts we were dealing with if you had companionship through the pandemic.

But the gap started long before we were locked inside for a couple of years. According to the Federal Reserve Bank of St. Louis, young married couples were worth nine times more than single people of the same age in 2019. And after three years of inflation, supply chain issues, crazy home prices, and a pandemic, single people can’t catch up.

Inflation affects everyone differently

Of course, inflation affects everyone, but the St. Louis Fed also found that married people hold significantly less debt and have a way bigger cushion during hard times. So not only do married people deal with inflation better, but they also have a stronger safety net.

It’s not getting any easier to meet the right person either. As the world continues to go digital with Zoom calls, remote work, and ample reasons to stay home, it’s harder to find someone to fall in love with enough to give them a piece of your net worth. Restaurants, live shows, movies, and several other industries still haven’t seen the same attendance they were getting before the pandemic. Fewer social gatherings mean fewer opportunities to find that special someone.

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