This is a guest post from my friend, Suzanne Cramer, Certified Personal Finance Counselor® for CareOne Services, Inc. and a Social Media Specialist. You can follow Suzanne on Twitter where she shares the latest debt industry news, and tips to keep your finances in check @CareOneWorks. Follow Suzanne on Twitter or connect with Suzanne on Google+
As a woman I speak first hand when I say that times are tough! Over the past two years I have gone through a divorce, the diagnosis of Type 1 Diabetes in my son, and major surgery leaving me with some hefty medical bills. As a working, single mom staying out of debt is a challenge especially when we are still not on an equal playing field with the guys.
According to the Bureau of Labor Statistics, full-time working women earned 81 percent of what full-time working men earned in 2010 leaving a “gap” of 19 percent between the sexes.
Why?
There are numerous factors that affect pay.
- Men and women tend to gravitate toward different industries.
- Women tend to seek jobs with regular hours, more comfortable conditions, little travel, and greater personal fulfillment.
- Women are willing to trade higher pay for jobs with other characteristics that they find attractive.
- Men often take jobs with less desirable conditions to achieve higher pay.
- Women who have or plan to have children are often willing to trade higher pay for a more kid-friendly position.
- In today’s world women are no longer “just staying home” to raise their children; we are actually working two full-time jobs out of necessity for our family; working outside the home and raising our kids.
Statistically lower wages and more family responsibility make it more difficult for women to get out of debt..
Debt Statistics
Since my friend Jana lives in the fantastic state of Delaware (Go Blue Hens! Jana’s note: I am a proud Blue Hen. Twice. For my Bachelor’s and my Master’s. And now I live here. It’s a little weird.) I am going to share some debt statics for those living in Delaware.
- Many women are struggling financially and looking for debt relief. According to internal data, from the providers of CareOne Debt Relief Services® women make up the majority of debt-relief seekers in Delaware.
- The number of woman is on the rise, increasing by 3% from 2010 to 2011, and coming in at 3% higher than the national average.
- The number of Delaware residents seeking debt relief who claim one or more dependants increased 72% from 2010 to 2011.
These women are not only struggling to free themselves from debt, they’re also raising a family on limited means.
Since the odds are stacked against women it is crucial to their financial health to stay on top of their debt, budget, and think twice before spending those hard earned dollars.
Readers, how do you feel about these statistics?
Jana’s input: I want to say I’m surprised by the Delaware statistics but sadly, I’m not. We’ve had a number of major businesses leave the state, including several factories and plants. While new businesses are opening on what seems like a weekly basis, I know that they are much lower paying jobs than what was lost. However, I’ve noticed that our mall and outlets are always bustling, as are the restaurants. I can only assume that many of these people are using credit to maintain the standard of living they once had. I may be wrong but I’d bet that I’m not.