Working Moms Serve As Family CFOs
CREDIT: Working mom image via Shutterstock
Add household CFO to the growing list of jobs held by working moms, a new study finds.
Nearly 60 percent of working mothers manage and control their household expenses alone, with 30 percent sharing the responsibility with their spouses, according to new research from Working Mother magazine and Chase Card Services. Just 11 percent of women relinquish total control of their family's finances to their husbands, the study found.
"The dynamic structure of household duties is constantly in flux, especially as the number of dual-income families has risen," said Jennifer Owens, editorial director for Working Mother Media. "It's not surprising, then, to see more and more career-oriented working mothers taking the lead on their family's finances."
The working mothers surveyed said their top financial objectives for their families this year are to save enough to live on for more than a year, make more money and put more money into their kids' college education funds.
The study also discovered that working moms are extremely committed to their careers. More than 60 percent of the moms surveyed would prefer to get a 20 percent raise and continue working than take a year off from their jobs, compared to just one quarter who wish they didn’t have to work as much as they do.
The research suggests that working moms are determined to improve both their financial and career prospects in 2013, with 23 percent aiming to get a raise and 16 percent hoping to get a job with better pay and more responsibility. In addition, 13 percent are intent on getting a promotion this year.
"The beginning of a new year is the perfect time to reflect on budget priorities, learn lessons from last year and put in place a plan that will enable working mothers to reach their financial goals," said Rachana Bhatt, director of Chase Slate.
Overall, working moms said balancing work and family is the top challenge they face this year, with just 14 percent saying they are good at being both a mom and a good employee. That's serving as a strong motivator, with 55 percent intent on being both better mothers and better employees this year.
The research was based on surveys of more than 800 working moms who read Working Mother magazine.