Single father households are an increasingly common household structure in the United States. According to the U.S. Census Bureau, there are now over 2 million single fathers raising children on their own. While these households face many of the same challenges as single mother households, they may also face unique financial challenges.

A recent study conducted by LendingTree, a financial technology company, sought to examine the relationship between single father households and debt. The study analyzed data from the U.S. Census Bureau and the Federal Reserve Bank of New York to compare the debt levels and financial behaviors of single fathers with those of single mothers and married couples.

The study found that single father households have significantly higher levels of debt than married couple households. On average, single fathers have $27,000 in debt, compared to $16,000 for married couples. Single mothers have slightly lower levels of debt, with an average of $22,000.

One possible reason for the higher levels of debt among single fathers is that they may have more financial responsibilities. Single fathers are more likely to be the sole breadwinner for their household, which means they may have to cover all household expenses on their own. They may also be paying child support or alimony, which can add to their financial burden.

Despite having higher levels of debt, the study found that single fathers are actually more financially responsible than single mothers. Single fathers have lower credit card balances and fewer delinquent accounts than single mothers. They are also more likely to have a mortgage and to own their own home.

The LendingTree study sheds light on the financial realities of single father households. While single fathers may face higher levels of debt, they also demonstrate responsible financial behaviors. It is important to recognize the unique challenges and strengths of single father households and to provide support and resources to help them thrive.

Check out the link from The Lending Tree for more information