When it comes to parenting, your to-do list can seem never-ending, from signing up for school activities, to projects around the house, to planning for the future. It seems as soon as you check something off, a few more to-dos jump right on the list.
If you’re a single parent, that list may be even longer—and more complex—especially if you are your children’s “one and only.” And you could be feeling the pressure: Three quarters say they felt overwhelmed with becoming a single parent, and more than a quarter (27%) admit being very overwhelmed, according to Life Happens’ new survey, “Single Parents and the Financial Future.”
What’s more, single parents say they’d need a minimum of $332,705 in savings to feel at ease about raising their child. In fact, making sure their kids will be OK financially is something that the average single parent thinks about five times a day on average.
However, four in 10 single parents admit that they didn’t start planning for their child’s financial future until their kids were 4 to 6 years old—or even later. Only 10% started before their child was born, according to the data.