Although the economy is robust, certain women are struggling to meet their financial needs.

• The U.S. has made a remarkable economic comeback since the Covid pandemic.
• However, some female-headed households continue to struggle.
• In 2023, the poverty rate for families with female heads of households was 28.5%.

The U.S. presidential election has brought to light an increasing number of "childless cat ladies" and a growing number of single women with children in the country.

As marriage rates fell, the number of women heading families rose.

Single mothers often face financial challenges due to their dual role as primary caretakers and breadwinners, which impacts their labor market participation and income, according to a recent analysis by the Center for American Progress.

According to the Center's analysis of 2022 data, 75% of single mothers are working and have a median annual income of $40,000, while single fathers have a median income of $57,000 per year.

The persistent gender pay gap, commonly known as the "motherhood penalty," is largely due to the demands of caregiving.

Working moms are more likely to handle child care. Childless cat lady' is a more common lifestyle choice. I cry a lot but I am so productive, it's an art.

Women in the workforce were disproportionately affected by job losses and slower recovery during the pandemic, according to research by the U.S. Census Bureau.

In fact, the economic comeback following the pandemic relief has been one of the most remarkable in modern history, as Marc Morial, president and CEO of the National Urban League, recently told CNBC.

Despite the pandemic, the labor force participation rate for women has not yet reached its pre-pandemic level. Furthermore, women's job recovery has been slower than men's. According to a report by the National Women's Law Center, women now hold 3.1 million more jobs than they did in February 2020, while men now hold nearly 3.7 million more jobs.

Julie Vogtman, the National Women's Law Center's director of job quality, stated that "returning to a pre-pandemic status quo is not good enough in this area."

Pandemic relief helped

The American Rescue Plan Act provided federal relief aid that helped mitigate employment losses and create conditions for a strong jobs recovery and wage growth. Additionally, it saved the healthcare system from collapse and cut child poverty in half, as stated by Vogtman.

Vogtman stated that these were historic investments which prevented the child-care infrastructure from collapsing.

Vogtman stated that the programs that were instrumental in the recovery have largely expired, leaving women and families struggling to meet the increasing costs of goods, particularly in child care and housing, where the cost increase has surpassed inflation.

A recent poll revealed that 91% of single mothers are concerned about their financial future.

Many women and families are still struggling

Despite the decrease in inflation, numerous women still face financial difficulties due to inadequate paychecks that cannot cover their expenses for housing, groceries, child care, health care, and other necessities, according to the National Women's Law Center.

The child care crisis, which had been simmering before the pandemic, has now erupted, according to a KPMG analysis.

According to Hailey Gibbs, associate director for early childhood policy at the Center for American Progress, existing federal programs designed to support child care access among low-income families are underfunded and have structural limitations, making it difficult for parents and caregivers to meet their family's financial needs.

Poverty is higher for female-headed households

In 2022, the rate of poverty in the U.S. more than doubled to 12.4% after pandemic relief expired, according to the U.S. Census Bureau.

The National Women's Law Center found that the poverty rate for families with children headed by single women increased from 11.9% in 2021 to 26.7% in 2022, and then to 28.5% in 2023.

The child tax credit, which currently provides up to $2,000 per child, is set to expire at the end of tax year 2025, after which it will decrease to a maximum of $1,000 per child.