What Percent Of Single Moms Take Out Loans?

Single parenthood is a mounting and difficult reality, especially in the United States. The number of single parents in the country is astonishing; the digits only seem to be increasing every year. There are currently about 14 million single parents in the US and this figure has largely stayed the same for the past two decades. Furthermore, out of the 80 million children in the US right now, almost one fourth of these are being raised by single parents. Of the 14 million single parents, 85% are single mothers and the rest are single fathers.

It is quite evident from the figures that most of the burden of raising children alone falls on single mothers. It is becoming increasingly difficult for these mothers to provide favorable conditions for their children to grow in due to the financial hardships faced by the entire world. It near impossible for the single mothers to provide a healthy environment for children that meets their entire needs while struggling financially.

It is more difficult financially for single mothers to raise their children than single fathers because a significant portion of these single mothers do not have a college degree. It’s very challenging to find a well-paying job without a college degree.. The statistics reveal that 80% of these mothers are employed, out of which only 50% have full-time jobs while 30% of them support their homes with part-time jobs.

Full time jobs don’t leave much room for single mothers to provide a nurturing atmosphere for their children and most of the time of the children is spent with nannies or day care centers. This situation highlights another one of the big problems and that is the fact that a lot of the hard earned money is actually spent on such child care facilities.

Additionally, 27% of the single mothers are feared to be living within or below the range of poverty.

These are the reasons why many of the single mothers revert to applying for loans to help ease out their financial situation. Almost 85% of all single moms require some kind of loan while raising their children. Therefore there are numerous loans that have been especially designed for single moms; these are small loans with fairly easy and manageable payback schedules. Aside from these loans, there are financial aid programs and college scholarships to help out the single mothers continue their education.

All mothers, and especially single mothers, can use financial help at some point. These mothers have to remain disciplined in paying back the loan; after all it’s another financial tribulation that they have to take care of, but these loans can be extremely helpful.