Insurance News - Mom's Finances Are Stretched Thin

Insurance News - Mom's Finances Are Stretched Thin

SPRINGFIELD, Mass.
, April 1, 2013 /PRNewswire/ --Moms feel they are doing it all: raising children, performing household chores and managing finances – and nearly eight in ten of these moms are juggling a job as well according to the 2010 U.S. Census. The reality is, doing it all perfectly may not be possible. 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 Mom Study released today by Massachusetts Mutual Life Insurance Company (MassMutual). "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 Tara Reynolds, Corporate Vice President of Consumer and Product Marketing in MassMutual's Life Company Marketing division. "Luckily, finding an experienced financial professional for your finances can be easier than finding help for childcare or other things that cause stress for today's moms – and can make all the difference when it comes to achieving financial security for themselves and their families." 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.