As we focus on psychological and emotional wellness in Mental Health Month, it’s important to note that financial stress is a major concern for certain groups of women.
A study by financial education company, Financial Finesse, finds that mothers ages 30 to 55 earning less than $60,000 a year, report “highâ€ or “overwhelmingâ€ levels of stress at a much higher rate than other groups.
According to the study, 55% of women in this group report “highâ€ or “overwhelmingâ€ levels of financial stress. That’s 40% more than similar-aged male parents in the same income group. In fact, women were more likely to report significantly higher levels of financial stress in every age group.
The study also found that “a lack of a sense of controlâ€ is a primary factor for those reporting high or overwhelming financial stress, with 84% of those facing overwhelming stress describing their current financial situation as “not under control.â€
As for the least stressed group, that title went to men under 30, with 26% reporting that they have “no financial stress at all.â€
“While it’s no surprise to any working mother that juggling competing financial needs is stressful, small steps over time can create financial balance for families at any income level,â€ said Liz Davidson, Financial Finesse CEO.
- Building an emergency fund over time
- Tracking expenses to find ways to save in order to pay down high interest debt and
- Taking full advantage of employer-sponsored benefits at work
You can also build up your financial resources by investing small amounts. Jacquette Timmons, financial behavior expert and CEO of Sterling Investment Management Inc.: I’m pretty fascinated by the investing app Acorns, so, I’d recommend opening an account with the entire $100, and then selecting the recurring option to invest your spare change. The business model is incredibly appealing because it supports the idea that no dollar amount is too small to invest; a concept that resonates with me since I often say small is the new significant.
Most important, have faith in yourself and trust that as a mother, you are built to always find a way.