Business & Investment

This Mother’s Day, mom needs more than flowers

As the local economy continues to reopen, supported by rising vaccination rates and increased consumer confidence, more people may be considering returning to traditional Mother’s Day restaurants this year. ..

A new study shows that even better gifts will give moms financial peace of mind, but they can also be a meal excitement.

According to MassMutual’s Spring 2021 Consumer Expenditure and Savings Index, about 59% of mothers say they are optimistic about their finances to 74% of their fathers.

Half of the fathers who participated in the 2,000 polls released Thursday said they had increased their savings over the past three months, compared to a quarter of their mothers. Also, 18% of fathers said they enjoyed promotion or salary increases in the last three months compared to 10% of mothers.

Inequality emphasizes the prevalence of pandemics. It was especially difficult for women who had to deal with massive unemployment. Responsible for most of the childcare work For children studying remotely.

During COVID, women have dealt with large-scale unemployment while taking on most of the childcare obligations of children studying in remote areas.

Women are missing at least $ 800 billion in wages around the world, according to recent estimates from. Oxfam..

On Friday, the market received disappointing news that was well below expectations in its April job report.Despite the quote 1 million jobs Data from the Bureau of Labor Statistics, added in April, show that the economy has created 266,000 jobs.

The· April Job Report The unemployment rate for adult men was 6.1% and that for adult women was 5.6%. Overall, the economy does not yet have the 8.2 million jobs that existed before the pandemic.

A nearly equal number of mothers and fathers undertake some or most of their household and childcare obligations, suggesting a growing work life obligation. Achieving work-life balance in a pandemic is the most important challenge for parents (19%), and many (52%) spend more money on family-related expenses for a pandemic. Said.

Yes, there are weaknesses, but mass-mutual research suggests that they are optimistic and have some encouraging signs. This also applies to parents, with 68% saying they are optimistic about the future. It also applies to the trends in the big picture of consumer savings and spending.

Fifty-seven percent of those surveyed said they saved at least $ 750 in the last three months. This is at least up from 37% in February, when they said they saved that much. Forty-five percent said they needed to immerse themselves in savings, compared to 51 percent in February.

In current polls, the most reported savings goals included retirement, vacations, new cars, home purchases or refurbishments.

Poll participants have saved for the future, but are still planning to use it.

Working mothers were less likely to raise their salaries in the last three months, but were more likely to face unemployment.

For those who plan to spend more in the coming months, they may do it by traveling, shopping, and dining. At the mercy of last year’s pandemic, those things seemed like distant memories.

Forty-two percent of those planning to spend more say they do it not only in travel but also in restaurants. 47% say they spend more on shopping.

Its bullish attitude is in line with other recent indicators of consumer outlook.Consumer confidence jumped to The highest price in April is 14 months. Personal consumption 4.2% increase in March, Beyond economists’ expectations of a 4% increase.

Amanda Wallace, Head of Insurance Business at MassMutual, said:

Working mothers are unlikely to raise their salaries in the last three months, but are more likely to face unemployment, a move affecting women’s optimism and savings accounts, Wallace said. .. “Before Mother’s Day, it is important for businesses, communities and loved ones to be aware of these challenges and to provide as much support as possible to working mothers in particular.”

This Mother’s Day, mom needs more than flowers This Mother’s Day, mom needs more than flowers

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