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22 Oct 2012

Single Life Tough on Wallet

We've heard a lot in the course of our country's economic recession about how families have been affected: lost homes, lowered wages, unemployment, etc. 

Colorado Springs Chapter 7 bankruptcy lawyers understand that any one of these things can cause a great deal of financial strain, but it's even tougher when you're trying to cope alone.

In fact, single people face more financial stresses than couples, according to a new report from the MetLife Mature Market Institute and the Society of Actuaries. In particular, women have an especially tough time when it comes to retirement savings.


A big part of it is simply coping with a single income. Married couples may have more expenses overall, but they can fall back on one income or the other if there is an unexpected financial crisis.

On average, singles have a lower income rate than any other family grouping in the country. On average, singles make about $32,000 a year and have asset levels that stand around $110,000. Their homeownership rate is currently only at slightly above 40 percent, and less than 20 percent said they were on track for an adequate retirement savings fund. Also, only about 20 percent of singles said they had even had the chance to START saving for retirement, and many worried that their standard of living was likely to drop of dramatically after retirement.

The study further found that couples were far more likely than their single counterparts to pay off debt or have met with a professional to help them map out their finances.

This is all particularly concerning because the population of singles is growing fast. The Census Bureau reports that between 2000 and 2010, the number of single-headed households shot up by about 15 percent (equaling more than 30 million nationwide).

The good news is that if you do get caught up in a personal debt crisis, a Colorado Springs bankruptcy can give you a clean financial slate.

One benefit to being single during the process is that you don't have to worry about jointly-held debts, as is often a concern with couples or recently-separated individuals.

A successful bankruptcy is unrivaled in terms of the freedom it offers, and we are here to help you obtain it.

Stephen H. Swift

Managing Attorney
Law Office of Stephen H. Swift, P.C.

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