They have less income to spend. This has mostly negative consequences. Lower economic stimulation is the most obvious. Of course, less income means other things too. Young men are living at home with their parents for longer, or in flophouse conditions. At least in the US, this is not a desirable quality to most females, meaning they are getting married later if at all. This means less children, which could mean a demographic crisis depending on which camp you believe. Also these people could be an eventual drain on society as they get older or retire.
Then again, depending on whether men worked too much or too little before, it could mean better work life balance. Unless you believe the proper amount of time to work is "all the time", there will be a point where people work a bit less and it is not end of world.
Its seems like they are dropping out of society for some reason.
We probably need to go back and look at why people decide to work in the first place. What the incentives were and how they changed.
Most people aren't working because work is fun, they work because they want the money for some goals like food, housing, families.