Results for: Financial Burden

Graduates from post-secondary schools in Nova Scotia and Prince Edward Island face some of the highest student loan debt in the nation. According to Statistics Canada, the average debt for Nova Scotia college graduates was $18,100 and $39,100 for bachelor’s degree holders. In Prince Edward Island, students repaying an average of $43,500 after completing a bachelor’s degree program. Despite the drop in the proportion of students with debt, the average amount owed has increased significantly since 2000.

Defining the middle class is a complex task, especially in a time of rising inflation. A new report by SmartAsset attempts to clarify the matter by using the Pew Research Center’s definition of “middle income” to analyze data from the U.S. Census Bureau. According to the report, the middle class in 2022 was determined to be earning between two-thirds to double the area’s median salary. Nationally, this translates to a range of $49,271 to $147,828.

A TikTok video by millennial Alex Lincoln has gone viral, expressing her concerns about inviting friends to her 30th birthday party after already hosting a bachelorette party and wedding for them. Lincoln’s video has sparked a debate among viewers, with some supporting her transparency and others suggesting that she should consider the financial burden it might place on her friends. Despite the controversy, Lincoln maintains that her friends are the most important people to celebrate with and that they’ve been supportive of her decision to have a birthday celebration.

After securing a fulfilling job as a secretary for Washington’s child services department, Nicole Slemp’s joy was short-lived. When she and her husband began exploring childcare options for their newborn son, the exorbitant costs shattered their expectations. The most affordable option, at $1,600 per month, would consume a significant portion of Slemp’s salary, while the ideal option would demand a monthly outlay of $2,000 with an extended waitlist. Despite earning a combined income that exceeds eligibility thresholds for government childcare assistance, the couple faces a financial dilemma.

Amidst rising inflation and economic volatility, purchasing a home in the United States has become increasingly challenging. A report by Bankrate reveals that only 14 states offer affordable housing options for individuals earning below $75,000, a significant decline from 36 states in 2018. Soaring housing prices and rents are placing significant financial burdens on many Americans, making homeownership an elusive dream for many.

Destiny Rivera, a single mother in Springfield, struggles with the substantial financial burden of raising her toddler, Natalya. Essential expenses such as diapers, wipes, clothing, and food accumulate rapidly, leaving her feeling overwhelmed.