Personal Finance

Only 1 in 4 Moms Happy With Their Money Situation

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The economic issues that became prevalent during the recession seem to still be relatively common throughout the U.S. A prime example of this is a report that shows the number of working mothers nationwide is considerable now compared to years past.

According to a study by MassMutual, roughly 80 percent of mothers nationally are juggling family life and work. Less than a quarter of the moms told the company they are happy with their financial situations. And their financial stress doesn’t necessarily stem from their own money habits, but those of their partners as well. Moms interviewed for the study were twice as likely to label themselves “savers” and their partners as “spenders.”

“It’s no secret in today’s world that moms are stretched thin, but their finances shouldn’t have to suffer as a result,” says Tara Reynolds, corporate vice president of consumer and product marketing for Life Company Marketing at MassMutual. “Luckily, finding an experienced financial professional for your finances can be easier than finding help for childcare or other things that cause stress for today’s moms – and can make all the difference when it comes to achieving financial security for themselves and their families.”

To ensure their finances are in order, MassMutual noted working mothers often need to alter their money strategies. Some specific tips the firm noted moms would be wise to take to heart included adequately preparing for emergencies and communicating with spouses regularly about money matters.

The study found that 39% of moms reported discussing money with their partner on a weekly basis, with 0% of moms reporting that they had an annual check-in with their partner to talk about family finances.

Moms are especially vigilant about teaching their children about good money management, however. In the study, 83% of respondents said that they play an active role in providing financial education for their kids, normally around the age of 6 or 7.

Image: Hemera

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