Parenthood and Poverty

Getting married was one of the best financial decisions I made.

According to Census data, being married statistically decreases the likelihood of being below the poverty threshold.  For households with children under 18, 26% of single father households and 42% of single mother households are below the poverty threshold.  Only 10% of married parent households with children under 18 are below the poverty threshold. For reference, the poverty threshold counts any government assistance (e.g. housing, food stamps or EIC) that may be received.

I expected married parent households to be better off financially, but I didn't expect the differences to be as large as the data shows.

For more on The Practice of Personal Finance, check back every Wednesday  for a new segment.

This is not financial, lifestyle or parenting advice. Please consult a professional advisor.


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