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.