In today’s world women are no longer “just staying home” to raise their children. I say “just staying home” as anyone that is a stay at home parent knows that raising children is one of the most difficult jobs you will ever have. Many women are both working full-time and raising their children out of necessity for their family. Whether you are married with kids, divorced with kids or widowed with kids it’s a tough dual role to play, for either parent.
As a divorced single mom I know the challenges of going it alone and the debt that goes along with it. This is not to say that divorced men do not face the same challenges, but I am not a man so I can’t speak for them. Women are often faced with different financial challenges than men and statistically women are the ones who end up seeking debt help.
The Infographic below depicts the statistics women with children face.
There are several reasons women struggle financially after a divorce or breakup and they don’t apply to everyone; unfortunately many women find themselves in these situations:
- Unemployed or Underemployed. If you were not working prior to divorce because your husband was the breadwinner and you stayed home raising the family you most likely have been out of the workforce; making it more difficult to find employment.
- Debt. Divorce is one of the leading causes of debt; attorney’s fees, unfortunate divorce settlements, and starting over costs many times place women in over their head.
- One income. Those lucky enough to find gainful employment face the harsh reality of one paycheck. As a married couple you may have had two incomes paying the bills, now you have one.
The best way to get out of debt is to take the first step, acknowledge it exists and take action. There are many sites, like Enemy of Debt for example, that educate those struggling with debt on how to get out and stay out. By being informed of your options, how to change your lifestyle and making a commitment to live a debt free life you can find a way out of debt and avoid repeating the same mistakes that got you there.
For many women lacking financial knowledge leads to overwhelming debt. Not knowing how to balance a budget, manage money, or pay bills because you relied on someone else puts you in a bad position. By educating yourself you can learn to make better decisions when it comes to managing money, no matter what your marital status or gender.
Are you surprised by the statistics of women in debt? Why do you think women are more likely to seek help with their debt?