Debt Struggles Create a Burden of Comparative Poverty for Women
It’s not just a low income that creates the burden of struggling to make ends meet. A recent study by my firm, Hoyes, Michalos & Associates Inc., shows that women are increasingly turning to debt as a way to survive on a modest income, often to their detriment.
Not surprisingly, almost half of all insolvency filings are made by women. What is alarming is that women have to turn to bankruptcy for significantly lower debts. In fact, women are filing bankruptcy with debts that are one-third less than that of male insolvent debtors.
As a mother of teenagers, I often stress about everything and anything. I worry about car problems, school grades, crushes, and dangers trolling the online world. Needless to say, I have spent many sleepless nights surfing the Internet reading horror stories about teens’ risky behaviours that have a tragic ending.
Is poverty a problem in a well-off country like Canada? Unfortunately, the answer is yes. Especially for women.
Women living on a low income face many barriers to financial stability and independence. When childcare arrangements fall apart or there’s not enough money to pay a dental bill, a woman can find it difficult to finish an economic development program, even when she’s worked hard to earn a spot.
