More than 1,000 parents with underaged children took part in this survey
According to a survey conducted by LendingTree, 56% of the respondents revealed they are in debt due to the financial burden caused by the pandemic.
Meanwhile, 4 out of 10 added credit card debt, whereas 15% had to turn to a personal loan. The study also highlighted that almost 1 in 5 single parents couldn’t pay their credit card bill last month, compared to 9% of married parents.
Besides, the percentage of parents who tapped their child’s college fund to help cover expenses is 36%.
Distance learning affected parents’ budgets as well. Therefore, parents spent a little over $1,000 on supplies. For instance, 48% of them bought iPads and laptops, whereas 15% purchased office furniture.
We’ve reported that the coronavirus pandemic could cost the global economy more than $8.8 trillion.