Skip to Main Content

The Stressors of Parenting: Easing Financial Worry

Back

The Stressors of Parenting: Easing Financial Worry

“Powerlessness” is a word that the Surgeon General, Dr. Vivek H. Murthy, used recently to describe the modern role of parenting.  Anyone who is a parent can tell you that the parenting journey, while filled with boundless joy, can also be unpredictable and stressful.  In acknowledging the increasing and unpredictable stress that comes with parenting in the United States, the Surgeon General has issued an advisory:  Parenting can be harmful to your mental health.

The Stressors of Parenting

A recent report by the American Psychological Association cites that nearly half of parents report overwhelming stress most days, compared with 26% of other adults. The Surgeon General’s report further points out that stress, particularly financial stress, is contagious.  Financial troubles are a leading cause of spousal conflict, which can then be harmful to children.  Children who grow up in families with financial distress are more likely to experience mental health instability. Murthy cited studies showing that children of parents with poor mental health are more likely to have depression and anxiety as well as behavioral and academic problems.

Earlier generations dealt with the challenges of parenting and survived.  What is so different now?  Parents are navigating the hallmark struggles of parenting – money, lack of sleep, and safety concerns- but there are added stressors, such as screens, online dangers, and well, a youth mental health crisis. There are the crazy rising costs of childcare, while housing, food, and future educational goals are also looming large.  Balance that with the need for flexible and understanding employment arrangements or the need to have a stay-at-home parent.  Many of these problems boil down to money and time.

The cost of raising a child in today’s world is high.  A middle-class family with two children spends over $300,000 to raise them to age 17.  The average annual price for childcare alone in Ohio for one toddler ranges from $8,862 to $11,125.  Consider the impact of multiple children on a young family’s financial picture.

To address these problems, Murthy has issued a call to action to anyone with the power to lessen the stress on parents.  He’s discussed various institutional actions such as bolstering financial support for families, workplace leadership training, and individual actions like seeking self-care. It helps to rely on the support of family members, friends, and neighbors.  It also helps to have a financial quarterback on your side who can help you visualize and prioritize all that is being thrown at you.

Proactive Planning to Ease Financial Worry

While there are many contributors to parental stress, one of the most prevalent and longstanding stressors on parents is financial worry.  And this is a problem that, for many people, can be tackled strategically.

Yes, raising a child is expensive and yes, there are so many financial goals that are on your horizon.  But money grows over time and strategic allocation of your money and good planning can be the key to an incredibly positive outcome.  As your family grows, a wealth advisor can guide you with:

  • New expenses and evolving budgets
  • Income and employment changes
  • Establishing an emergency fund
  • Planning for private education and college expenses
  • Working through unforeseen medical expenses
  • Debt management
  • Assessing your health, disability, and life insurance protection

A financial plan is a platform for open conversations and a plan to tackle these hurdles proactively.

 

Conclusion

Embarking on the parenting journey is unpredictable and will have its ups and downs, that is a given.  Being financially prepared and adaptable are key.  By working with an experienced and knowledgeable financial advisor you will be better able to navigate the expected and unexpected turns in the road.  In turn, this will help you take a lot of the stress off and allow you to enjoy what can be one of the best decisions of your life.

 

If you have questions and would like to talk with us further, please call us at 513-271-6777. For more THOR reading, click here to go to the Blogs and Market Updates section on our website. Follow us on social media:

Written by

Allisha Curtis

Allisha has worked in the investment industry since 1993. Currently, as a Wealth Advisor at THOR, Allisha is responsible for portfolio management, financial planning and relationship management.

See bio

Recent News