Mothers are Financial Leaders
By: Greenpath Financial Wellness
At GreenPath, this Mother’s Day we are celebrating the role mothers play in the financial lives of their families. Mothers are Financial Leaders!
Mother’s Day is a time to celebrate the women who brought us into the world. While this yearly tradition is known for its cozy brunches and thoughtful gifts, we often don’t take the time to take a step back and appreciate everything that mothers do.
Here are Some Ways That We See Mothers as Financial Leaders.
Mothers are often in charge of day-to-day family spending
According to a survey conducted by TD Bank, dads tend to take the lead on big purchases, but moms tend to be in charge of the day-to-day pocketbook issues facing the family. In short, mothers create the financial culture of the family. We’ve learned that through a range of testimonials from GreenPath customers.
When Nancy Johnson joined GreenPath in 2016, she found that she had to set new expectations with her family.
I had to cut way back on extras. I used to buy a lot of gifts for my son and his family but I put a $25 cap on gifts and they’re
fine with that. My son said the gifts aren’t important, being together is. By taking the lead, Nancy set her family on the path to financial wellness.
Mothers are how we learn about money
81% of people say that mothers are responsible for sharing financial wisdom with them, according to a survey conducted by The Omnibus Company. According to the same survey, the majority of people say that their mothers taught them about shopping smart, utilizing sales, and setting a budget. This is particularly important because financial lessons learned in childhood can set the tone for the rest of your life.
I try to teach my son about basics of money management, says Beth Luke, Marketing Communications Specialist.
It can sometimes be as simple as talking him through my thought process while we shop for groceries. Even small things like that can help him learn about budgeting and tradeoffs.
Happy Mother’s Day to all of the mothers out there!