Thu, 06 May 2021 | pandemic workplace
As the United States continues to emerge from the COVID-19 pandemic, parents, especially mothers, continue to feel exasperated by financial and workplace challenges. Sixty-one percent of parents say they find it difficult to manage their finances due to priorities during the pandemic according to the MassMutual Consumer Spending & Saving Index. At the same time, a silver lining has emerged: almost two-thirds of parents (65%) say the pandemic has improved their relationship with their children.
“Many Americans are still experiencing the ripple effects of the pandemic on their financial, personal and professional lives, and they are taking steps for future unknowns,” said Mike Fanning, head of MassMutual U.S. “The challenges of the past year bolster our nearly 170-year-old commitment to help people secure their future and protect the ones they love.”
Complex balancing act of working parents
New financial, workplace and childcare responsibilities are converging to create heightened challenges for parents according to the index. More than half (52%) of parents are spending more on monthly family-related costs due to the pandemic, and one-third are spending $1,000+ more per month. Nearly two-thirds (65%) of parents dipped into savings over the last three months, significantly more than the general population (45%). The survey also found:
Disproportionate impact on mothers
The index shines a light on the disproportionate impact of the pandemic on women. Mothers are significantly less likely (59%) than fathers (74%) to be optimistic about their finances. Additional findings include:
“The pandemic has affected parents in particularly challenging and unique ways,” continued Fanning, a father of four. “As we prepare for better days ahead, it's important to openly acknowledge these challenges, plan ahead for changing and unknown financial circumstances, and seek support from friends, family, communities and professionals at every turn.”
Source: MassMutual