Working Women Are Now Borrowing Money at an Alarming Rate
Nowadays, as much as half of the female population of Canada requires external financial assistance. Often, they rely on money lenders or creditors to subsist until their next paycheck. Among the reasons for this desperate bid for monetary survival include low earnings and the skyrocketing prices of consumable goods.
According to current surveys conducted on people between the ages of 18 and 30, as much as 51% of females used credit cards to make up for an inadequate budget. Meanwhile, only 5% of the male population employed the same measures to tide by.
Further reports from a recent Uk survey stated that the bulk of young people below 30 are already deeply in debt. Asked how they were able to make do with living from paycheck-to-paycheck, most of them replied that they either borrowed money from friends or family, or were forced to resort to overdrafts and maxing out credit cards. For others, the use of payday loans helped to make their financial woes a whole lot easier.
A lot of women can sympathise with the dilemma of having to skip meals or find an extra odd job or two just to make ends meet. In fact, the practice of juggling several side jobs on top of a primary one has become something of a norm along with voluntary overtime duty.
Another sector of society that is strongly tethered to a dependency on loans are the low-income families who require financial assistance not simply to tide by, but for their household to survive. Thankfully, many companies – some run by young female entrepreneurs such as the Young Women’s Trust – are finding ways to help women from between the ages of 16 and 30 find a means to escape from the crippling prison of debt and improve their overall finances.
Carol Easton, chief of the Young Women’s Trust, had this to say regarding the working class women of today:
“These young women tell us that they need to work long and gruelling hours in order to be financially independent. But because of ever-rising price of necessities and the fact that wages have remained notoriously low, there has been more suffering than success [for them].”
She underscored that the bulk of women who are often in debt were single mothers and young adults in college. She warned further that if Uk will increase its interest rates, the number of young people who find themselves in debt will be sure to skyrocket.Out of the 25% of young women who are in debt, almost all of them believe that the interest rates of their outstanding debts would skyrocket to as much as 61% in the coming years, leaving them in even bigger debt by the time they’re in their forties.
Due to the increasing availability of lending companies and the ease of applying for a personal loan online, these young women stand a better chance when it comes to combating debt. These, combined with a more inclusive workforce and a broader means of employ, hopefully guarantee some measure of financial resiliency in a highly unpredictable and cutthroat economy.