Mother Load Is Just Financial Worries, Study Says
NEW YORK (TheStreet) -- Has America gone from tiger moms to tired moms?
It would appear so, according to data from MassMutual's State Of the American Mom, released this week.
So-called "tiger" moms were all about pushing their families and themselves to maximum performance. But lately, the sluggish U.S. economy, after five years of financial turmoil for U.S. families, have left those moms with an empty tank, tired and frustrated over the money aspects of their lives, MassMutual says.
The firm points to some eye-opening conclusions from its study:
- Just 24% of moms surveyed are satisfied with their financial situation.
- 25% of moms say they are struggling to make ends meet or are worried about their financial future.
- Just 32% use the services of a financial professional to help them with their investments and/or insurance needs.
- More than 80% of mothers are in the U.S. workforce, even as they raise their kids, run their households and manage the family finances.
MassMutual advises beleaguered moms to set up an emergency fund to take some of the pressure off, and to invest in some long-term care insurance to protect your family's assets. The firm also says it's important to sit down with spouses and family members once a month to discuss the household budget and keep track of expenses. Above all, don't try to handle the personal financial workload yourself, MassMutual says. With Mother's Day only a month or so away, it's a good time to sit back, reflect and figure out a household money plan that isn't balanced, psychologically, on the backs of U.S. moms.
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