|PR Newswire Association LLC|
Only 24 percent of moms surveyed are satisfied with their current financial situation and one quarter of moms admit they are struggling to make ends meet or are worried about their financial future. However, only one third of moms (32 percent) currently use the services of a financial professional to help them with their investments and/or insurance needs. Those are among the key findings from the nationwide State of the American
"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
When it comes to insurance, the data shows that moms may be putting their families in an especially vulnerable position. Forty-six percent of moms surveyed do not own disability income insurance and an even larger number (68 percent) do not own long-term care insurance – both key to help ensure financial stability for the long term.
The following are a few key tips from
- Be prepared. Emergencies aren't predictable. Set up an emergency account now to help protect yourself and avoid finding yourself in a troubling financial situation.
- Protect your income. If you're a stay-at-home mom, you provide valuable services to your family that may trigger out-of-pocket expenses should something ever happen to you. With the help of a financial professional, you can explore available options to ensure that you're planning ahead adequately no matter what the future holds.
- Guard your independence. Long-term care insurance is one option that allows you to have a plan in place to help protect your assets and remain as independent as possible, if you require the need for long term care.
- Plan now (not later). Don't procrastinate when it comes to planning for your financial future. No one knows what the future brings, so now is the timeto sit down and think about how to pass your assets – but not your taxes – to your heirs.
- Have the talk. Schedule monthly meetings to sit down with your spouse or significant other to discuss your finances. It's critical for both people to have a full understanding of all debt and assets in order to build a realistic plan.
To learn more about
The survey was conducted for
Founded in 1851,