Moms are often in charge of a lot when it comes to family life (whether it’s by choice or they’re so amazingly organized they ‘fall’ into the role). They take on the cooking, cleaning, getting kids ready for school, getting kids ready for bed, arranging for kids to be brought to school, and picked up from school, family laundry, managing their family’s monthly calendar of events, supervising and helping with homework, buying groceries, taking kids to playdates, dance class and extracurricular sports – the list goes on.
And all of this is on top of their day job at the office. Moms these days can easily be called supermoms, but if you look close enough, they do have their kryptonite… household finances.
By the numbers
Here are the stats:
- Women start out at a disadvantage compared to men with lower confidence in their financial skills.
- Then a shocking 40% of spouses are in the dark about their own family finances.
- Add to that the fact that women typically outlive men, and it’s no surprise that 1 in 4 widows report difficulty finding important financial documents and accessing financial accounts.
What do these numbers show us? That almost half of families don’t manage their finances as a family! Doesn’t that seem crazy? How can both partners be expected to work toward the family’s financial goals, save and spend within a budget, etc. if they don’t even know the details of their family’s financial goals and status?
In many families, supermoms run their household like a tight ship, but we can’t continue to ignore this giant blind spot.
Technology can help
It doesn’t have to be this way. This is exactly where technology like Onist can help. Find a tool that lets you see all of your bank accounts, all of your investment accounts – all of the assets and liabilities that make up your net worth as a family. Find a tool where you can safely store all of your important documents so everyone in the family is prepared if anything happens to anyone else, or just so you can get on the same page in your day to day life. It’s time for families to break the taboo and the awkwardness and start talking about money.
Supermoms: empower yourself. Get your family moving forward toward financial collaboration and a clearly communicated plan to reach your goals – whether that’s a family vacation, a new home, your kid’s university fund, greater financial freedom, etc. Stare down that kryptonite.