The soaring cost of living and financial pressures on families have forced six in 10 parents into debt to provide for their children.
That’s according to a survey of 2,000 parents of children aged 0–18, which examined the economic challenges and mounting debt families across America are facing.
Sixty-three percent of parents in debt admitted their financial situation is preventing them from providing for their children the way they’d like, significantly more than the 48% of parents without debt who feel the same way.
For parents in debt (77% of those surveyed), half (48%) said their debt is becoming “unmanageable.”
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According to the survey…