A survey of 2,000 parents found 60% have gone into debt to care for their children aged 0-18. 63% of indebted parents say their finances prevent them from meeting their kids’ needs, versus 48% of debt-free parents. Half (48%) of indebted parents describe their debt as “unmanageable.” Single parents are more likely to struggle due to rising costs and have more unmanageable debt. While 81% of indebted parents prioritize their children’s needs over paying off debt, this is taking a toll, with those in debt twice as likely to neglect their own health. The most common debts are credit cards, medical bills, and personal loans. (Talker Research)
