Statistically, women in the 25-44 year age group are the most inclined to utilize payday loan services; this age demographic also happens to encompass the highest child bearing age group-women between 25 and 29 year olds. According to the National Center for Health Statistics, the median age for first-time mothers was 25 years old in 2006, demonstrating a substantial increase when compared to the much younger 21 year-old average of 1970. Nowadays, women in their young twenties may be hesitant to start a family due to other pursuits-such as college, a career, travel, etc.-or lack of financial or relationship stability. Whatever the reason, women are simply waiting longer to have children.
It is unsurprising that women in their mid-twenties to mid-forties are the most frequent visitors to the payday loan lender. While it may be easy to pass off this statistical information with a curt "women just aren't good with money" type of response, there are many socio-cultural factors that need to be considered before making such unfair (and stereotypical) judgments. Motherhood is one of them.
In our modern society, women play more roles than ever before: employee (or employer), wife, mother, chef, homemaker, student, friend-the list is exhaustive. With these added responsibilities come added expenses and stress. Mothers are particularly exposed to such stressors, as they face the challenging task of satisfying the needs of children while juggling other important life events and relationships. While it might be easy for those without children to hold off on purchasing new shoes until they can afford them, it is much harder for mothers to ignore the fact that their children must choose between putting their heels or toes in their size-too-small shoes, leading a mother to seek out financial help in the form of loans or advances. Kids grow, constantly, and mothers have to accommodate this growth, which gets pricey.
Providing for one's children can be particularly difficult for single mothers. In a divorce, biological mothers are legally more inclined to be granted the custody of children, particularly children under the age of five, adding to a mother's expenses. Divorcees are likewise more inclined to seek payday loans. It seems counterintuitive to ignore the relationship between these factors.
Tellingly, single mothers are nearly five times more likely to live in poverty than their married counterparts and more inclined to work in low-wage full-time jobs, according to a study conducted by the Center for American Progress. Many single mothers face the unique circumstance of being sole providers in every sense of the word: emotionally, mentally, monetarily, and physically. Meeting the needs of one's children while holding a full-time job places added strain on a mother; yet, having steady employment is essential to providing for a family.
Single and/or divorced mothers who utilize payday loan provider services are likely choosing the lesser of two evils, accumulating a little debt in order to provide for their children. By no means is this ideal, but it is a reality that busts some of the myths about women's inability to manage finances. In today's economy, such generalizations are unfounded and overly simplistic. It is unfair to judge mothers for their spending or financial reasoning when they so frequently face circumstances that others do not. Rather than taking the scapegoat of dismissing mothers or other women as ill-equipped to manage money, one would be wise to consider the socio-cultural factors that influence their financial decisions, and seek ways to assist these integral members of our society through budget education, public services, and spreading awareness.
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