Generational Impact of Covid-19 on Divorce
By Laurel Stark, CEO & Founder, The Ilumni Institute
In a recent consumer report, WGSN shared insights in to how different generations respond to stress such as COVID-19. Gen Zers are leading the way in divorce filings, according to Pew Research Center. Baby Boomers are increasing their divorce rate by 109%. The culture of these generations vary greatly. As a professional at the helm of the most stressful crisis of their lives, CDRE's - Certified Divorce Real Estate Expert, can offer customized solutions for each generation.
Baby Boomers (born between 1946-1964) are increasingly afraid of going out. As such, they are embracing virtual connections at higher levels. Most Boomers have smart phones, texting and talking are the common uses, but now they are seeing their smart phone as a life line. In addition to using face time and mobile banking apps, ordering groceries, leveraging Amazon and using food delivery vs going out in person.
Many boomers are quietly retiring during the downturn, and might be looking to reset for their final chapter through divorce. As a CDRE Im aware of the need to use zoom meeting to avoid meeting in person.
Gen Xers (born between 1965-1980) currently make up the largest percentage of leaders in society. They are the sandwich generation, caring for aging parents while managing children. The burnout is high with demanding jobs, unexpected home schooling, and overseeing the health needs of parents. Divorce may be a result of that powder keg of responsibility.
Millennials (born from 1981-1996) Millennials have extreme anxiety around money. They have lived through multiple recessions, and up to 50% have lost work during the pandemic. They may need to be shown the value of representation, and may want a faster resolution to a divorce than is possible to save time and money. The best way to work with them is to show them a clear plan of action and how to minimize the cost associated with the divorce process.
Gen Zers (those born after 1996) most likely will be the children of your clients. They tend to have high levels of anxiety and are very progressive, seeking to create change. Over 70% of Gen Xers believe the government should be solving more society's problems. They will be impacted greatly by the difficult emations and conflict involved in a divorce.
While each generation is a little different, they pursue a common theme: promise of hope in the future. They need to focus on the positive image that will come after divorce and the new normal that comes with it. We are going through a collective trauma and yet each person has their own journey.
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Susan Jacobs is a CDRE- Certified Divorce Real Estate Expert. She works as a neutral third party in Family Law cases regarding real property and secured debt. She can be reached at 703-347-4418 Susan@SusanOJacobs.com or visit www.DivorceThatSpouse.com
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