Trouble in paradise: How layoffs are affecting consumer relationships
- The recent wave of layoffs is impacting consumers’ relationships.
- 80% of those who were laid off themselves would consider leaving their spouse if they got laid off, too.
As the cost of living rises and a wave of layoffs washes over the economic system, some people are considering reevaluating their relationship status with their spouses if they are laid off.
80% of those who were laid off themselves would consider leaving their spouse if they were impacted by layoffs, too, according to new data from Quicken. This is double the percentage of people who would consider leaving but haven't been laid off themselves. Spouses spending too much money, remaining unemployed, or being unwilling to look for a new job would make matters worse for people.
An increased consideration of divorce when a spouse is laid off does not change for those who have children, either. More than two thirds of those who are married and have children under the age of 18 would consider leaving their marriages. Only 19% of those with children over the age of 18 would consider the same. Meanwhile, only 23% said they would stick with their marriages regardless of circumstance.
Millennials appear to be considering leaving their marriages the most. While 58% of Gen X and 81% of Boomers say they would stick with their marriages under any circumstance, just 23% of millennials report wanting to do the same.
These findings by Quicken are at odds with what some studies say about divorce and inflation. Due to the high cost of divorce, high inflation can drive many to stick it out in their marriages. While this data might show that people are considering the option of divorce as job stability decreases and cost living rises, it may not translate into actual filings for divorce.
It is important to note that recent inflation is not only making getting married and having weddings more pricy but it is also making the cost of legal services more expensive, by about 6.2%. In fact, since 1990, the divorce rate in America has been declining steadily.