Katharina Buczek
It’s no secret that having kids now is more expensive than ever. But just how much dough do parents need to feel at ease while raising their children?
According to a recent study entitled “Single Parents and the Financial Future,” the average single parent claimed they would need at least $332,705 to have peace of mind.
This random double-opt-in survey was commissioned by Life Happens– a nonprofit that works to educate consumers about the value of life insurance– and conducted by OnePoll. It included 2,000 single-parent respondents who were evenly split– meaning 1,000 mothers and 1,000 fathers participated.
Now, despite the respondents acknowledging that they would need a lofty amount of cash to feel at ease while raising their child, only 10% of single parents began planning for their child’s financial future prior to them being born.
On the other hand, about 43% of single parents admitted to not financially planning until their kid reached early childhood– or were between the ages of 4 and 6. Additionally, 7% still have not yet begun planning for their children.
Interestingly, single fathers reported feeling more confident than single mothers in regard to solidifying their child’s financial future. Approximately 69% of single dads felt confident in this realm, as opposed to 58% of single moms.
Still, the consensus among 75% of respondents– regardless of gender– was that becoming a single parent is definitely overwhelming.
The survey revealed that the average single parent thinks about their kid’s financial future about five times every single day.
Seven in 10 respondents– or 69%– also claimed that just becoming a parent is a huge financial burden, which is only compounded once becoming the sole provider in a household.
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