LendingTree Study finds the pl

Before Father’s Day, the LendingTree study found that there were more than 1.5 million single dads in the United States, and Nevada has the highest prevalence of single fathers in the country

CHARLOTTE, North Carolina, June 14, 2022 /PRNewswire/ — LendingTree®the country’s leading online financial services marketplace, released its study find the places in the United States with the highest rate of single-parent families. While single fathers are nowhere near as prevalent as single mothers, the study found that single fathers make up 4.6% of families where parents live with their children. This translates to over 1.5 million single fathers nationwide. Additionally, the study found that Nevada (6.8%), Montana (6.3%) and Oklahoma (6.1%) are the places where the prevalence of single-parent families is highest.

Main conclusions

  • Single-parent families are the most common in Nevada (6.8%), Montana (6.3%) and Oklahoma (6.1%). These are the only places in the country where single fathers make up more than 6% of families where parents live with their children.
  • In contrast, the states with the fewest single-parent families are Utah (3.6%), New Jersey (3.6%), Massachusetts (3.7%) and New York (3.9%). These are the only places in the country where single-parent families make up less than 4% of families where parents live with their children.
  • Although single fathers still earn more than single mothers, they earn a third less than the average for all families where parents live with their children. The average income of single-parent families is $67,405 — the average income of families whose parents live with their parents is $101,536.
  • Single fathers are generally more educated than cohabiting parents — only 12% of cohabiting fathers have at least a bachelor’s degree, compared to 26% of single fathers.

Here are the top 10 states with the highest prevalence of single parent families:

  1. Nevada – 6.8%
  2. Montana – 6.3%
  3. Oklahoma – 6.1%
  4. New Mexico – 5.8%
  5. Delaware – 5.7% – tied
  6. South Dakota – 5.7% – tied
  7. Wisconsin – 5.7% – tied
  8. Maine – 5.6% – tied
  9. North Dakota – 5.6% – tied
  10. Arizona – 5.5% – tied
  11. Kentucky – 5.5% – tied
  12. Vermont – 5.5% – tied

Chief Credit Analyst at LendingTree, Matt Schulzhad this to add:
“Being a single parent is a monumental task for anyone. While single fathers tend to earn more than single mothers and are even more likely to have a college degree than men living in two-parent households, their job of raising a child on their own is anything but easy.”

For single dads looking to expand their financial freedom, Schulz offers the following advice:

  • Creating and sticking to a budget provides the opportunity to make choices and prioritize what matters, says Schulz. With clearly defined limits and areas of flexibility, a budget makes it easier to prioritize spending, plan for the future, and pay down existing debt.
  • Think about your future expenses. “Feel free to cut some expenses to free up money to fund your priorities,” says Schulz. “Be creative with ways to generate a little more income.”
  • Take action, no matter how small. “Life is at its most stressful when things seem out of our control,” says Schulz. “Taking steps to improve your situation, even the smallest ones, can be uplifting and motivating, and that feeling can carry you forward even on the most difficult days.

To view the full report, go to
https://www.lendingtree.com/debt-consolidation/single-dads-study/

Methodology

LendingTree researchers analyzed microdata from the US Census Bureau 2020 American Community Survey (five-year estimates) to calculate the number of families headed by single men, single women, married couples, and unmarried couples who live with their own children under the age of 18.

For this study, lone parents are people living with their minor children who are neither married nor living with unmarried partners. Married and unmarried partners include same-sex couples.

“Own children” include biological, adopted and stepchildren who are under 18 and unmarried. This study does not include households and institutions where children live without at least one parent.

About LendingTree

LendingTree is the nation’s first online marketplace that connects consumers to the choices they need to be confident in their financial decisions. LendingTree empowers consumers to make smarter financial decisions through choice, education and support. Consumers can compare multiple offers from a nationwide network of over 500 partners in a single search and choose the option that best suits their financial needs. Services include mortgages, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the Connect experience, consumers receive free credit scores, credit monitoring, recommendations to improve credit health, and notifications when the proprietary algorithm identifies a savings opportunity. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, visit www.lendingtree.comcall 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

MEDIA CONTACT:
Nelson Garcia
[email protected]
704-943-8208

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SOURCE LendingTree

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