I agree in principle but I would venture a guess that number of two-income families that can deal financially with a loss of one source of income is very low.
the very first financial discussion I had with my wife (fiance at the time) was that we will always live off a single salary and 2nd salary will always go into future bucket (we tap in for larger purchases or fancy vacation here and there). I don’t think many families are setup this way though - in my limited personal experiences a loss of one source of income leads to sale of the house/condo and move (rent or downsize)
Another thing that is often not considered is that two salary households are sometimes similar salaries (both nurses or warehouse loaders, say) but often you have one high-paying job and another quite low - I could rattle off a whole list of teachers married to doctors, etc. Losing the lower salary will be noticeable but not hurt anywhere as much as losing the larger.
absolutely… after I read your comment I started thinking about every two-income family I know and none of them have similar salaries, always one (significantly) higher earner
the very first financial discussion I had with my wife (fiance at the time) was that we will always live off a single salary and 2nd salary will always go into future bucket (we tap in for larger purchases or fancy vacation here and there). I don’t think many families are setup this way though - in my limited personal experiences a loss of one source of income leads to sale of the house/condo and move (rent or downsize)