Mothers often worry about being able to afford retirement, as well as fund their children’s education, says a BMO study.
Those two issues stress out 83% and 67% of moms, respectively.
Other common concerns are:
- Paying bills and covering household expenses (67%);
- Paying off debt (64%);
- Paying off a mortgage within their desired timeframe (58%).
“Canadians feel they need, on average, more than $650,000 for retirement, and a post-secondary education may cost as much as $140,000 for a child born in 2013,” says Charyl Galpin, co-head of BMO Nesbitt Burns.
“While it may seem overwhelming at first, it’s not unachievable,” she says.
The study shows 40% of mothers said they or their family don’t have a financial plan, putting these families at risk of not being able to fund key life events.
Around 85% of moms are concerned about the state of the economy; however, almost 60% are confident in Canada’s economic future. And, 44% of moms believe their children will be more financially secure than they are, versus 27% who feel their children will be worse off.
Almost 94% of moms would be happy with getting some Mother’s Day affection and quality family time, rather than getting gifts.