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Mothers: Make Time for Financial Planning

Now that Mother’s Day is over and we are back to business as usual, let’s really take a look at and appreciate mothers in the United States–many of whom are balancing a lot of different responsibilities.

According to Pew Research (6 Facts about Moms):

The median age at which women become mothers is older than before. There are many reasons for this but we hope that women who are purposeful about delaying motherhood are able to do some financial planning before their first child arrives.

Women spend more time working than before while at the same time also spending more time on caring for children. In 1965, research found that women spent 10 hours a week on child care; now women spend 14 hours a week on child care. And 12% of parents are also caring for another adult.

In addition to more time spent on child care, most people surveyed said that women are under more pressure to be “involved mothers.” So even though there are statistics to say that men are more involved in child care and housework, women still bear a lot more societal pressure to care for children.

So what all of this says is that while things have changed, the balancing act for women has not necessarily gotten easier. And while women have a enough on their shoulders, many are not engaging in the kind of money management practices that would most benefit them and their families. Whether you are on your own, with a partner, or other family members, women need to be active participants in financial planning because it doesn’t just happen.

Many busy mothers are too preoccupied with their daily tasks or getting through the week to think about financial planning. It isn’t easy to balance the present with long-term goals. This is why you can work with a Fee-Only financial planner that can help you with a strategy to manage your money now and find ways to secure your financial future. Mothers need to make time for financial planning.