Single dads are more confident about securing their child’s financial future: poll

This story version has been formatted as an on-air script for broadcast outlets. See the original research story here.

BEING A PARENT IS HARD ENOUGH, BUT BEING A SINGLE PARENT COMES WITH ITS OWN SET OF CONCERNS, NOT LEAST OF WHICH IS THEIR CHILD’S FINANCIAL FUTURE.

IN FACT, ACCORDING TO A SURVEY OF 2,000 SINGLE PARENTS, SPLIT EVENLY BETWEEN MOMS AND DADS, THE AVERAGE PARENT THINKS ABOUT THEIR CHILD’S FINANCIAL FUTURE FIVE TIMES PER DAY. 

CONDUCTED BY ONEPOLL ON BEHALF OF THE NONPROFIT LIFE HAPPENS, FOUR IN 10 SINGLE PARENTS (43%) HADN’T STARTED PLANNING FOR THEIR CHILD’S FINANCIAL FUTURE UNTIL THEIR KIDS WERE BETWEEN 4-6 YEARS OLD. 

ONLY 10% STARTED PLANNING BEFORE THEIR CHILD WAS BORN.

SINGLE PARENTS’ OWN FINANCIAL SITUATIONS ARE ALSO OF CONCERN. ON AVERAGE, SINGLE PARENTS SPEND $14,150 A YEAR ON CHILDCARE ALONE.

THE TOP COSTS THEY FELT UNPREPARED TO DEAL WITH ON THEIR OWN INCLUDED GROCERIES (56%), HEALTHCARE (49%), BILLS (49%) AND CREATING AND MAINTAINING A SAVINGS ACCOUNT (48%).

SOME SINGLE PARENTS HAVE ALSO PICKED UP AN ADDITIONAL JOB (48%), STARTED A SIDE BUSINESS OR FREELANCING TO SUPPLEMENT INCOME (42%) AND EVEN DOWNSIZED TO A MORE AFFORDABLE LIVING SITUATION (25%).

CHANGES SINGLE PARENTS HAVE MADE TO SUPPORT THEIR FINANCES

• Sought salary increases - 53%
• Switched to a job with better work-life balance - 53%
• Negotiated for flexible work hours - 51%
• Picked up an additional job - 48%
• Cut back on work hours - 46%
• Started a side business or freelancing to supplement income - 42%
• Returned to work - 38%
• Gave up job or career - 26%
• Downsized to a more affordable living situation - 25%
• Reduced work hours to spend more time with children - 21%
• Relocated to an area with lower cost of living - 20%
• Returned to school to increase my job opportunities - 12%

Survey methodology:

This random double-opt-in survey of single parents (1,000 moms and 1,000 dads) was commissioned by Life Happens between July 27 and July 31, 2023. It was conducted by market research company OnePoll, whose team members are members of the Market Research Society and have corporate membership to the American Association for Public Opinion Research (AAPOR) and the European Society for Opinion and Marketing Research (ESOMAR).