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Press Release

Give Your Mom the Gift of Financial Security This Mother’s Day

May 07, 2013

CFP Board’s Consumer Advocate Offers Personal Finance Advice for Mothers on New Blog, as Part of “Financial Planning is for Everyone” Series

Many mothers – the very ones whom we look to for comfort, advice, and support – could be facing personal financial vulnerability. To launch her new blog, Let’s Talk Planning, and its monthly “Financial Planning is for Everyone” series, Certified Financial Planner Board of Standards, Inc. (“CFP Board”) Consumer Advocate Eleanor Blayney, CFP® looks to moms and the need for them to manage their own financial challenges with the same commitment as they approach raising their children. This Mother’s Day, rather than just giving cards and flowers, consumers should help the mothers in their lives take the necessary steps toward safeguarding their financial futures.

“Most mothers would give their lives for their children, but one thing they may be giving up is their financial security,” says Blayney. “While taking care of children is important, it’s time for mothers to start taking care of themselves as well.  Until the unpaid duties of motherhood enjoy the same social and market protections as paid labor, women—and all who love and depend on them—need to think about their financial planning differently.”

CFP Board’s newly launched blog, Let’s Talk Planning, and its “Financial Planning is for Everyone” series are focused on providing useful tips on various personal finance topics to help consumers of all ages and life stages – from moms to recent college graduates to children – manage their finances and successfully navigate financial challenges.

In her inaugural post, Blayney recommends that moms:

  • Create a savings plan. Moms should aim to put away more money, both for retirement and for a rainy day.
  • Get adequate disability and long-term care insurance. These types of insurance help mitigate risks that are more prevalent for women.
  • Take more investment risk. Women have traditionally been more conservative in this area, but given their longer lives, they need to ensure their capital grows sufficiently.
  • Consider taking an adult education class or training. Mothers who want to return to the workplace, or are looking to gain additional skills to advance their careers, should invest in additional education and training.
  • Meet with a CFP® professional. A CFP® professional can help come up with a financial plan that takes into consideration Mom’s financial goals and circumstances – both for herself and for her family.