News Column

Moms Are 'Savers,' Dads 'Spenders,' Survey Says

April 10, 2013

Mom and daughter shopping

If you need money, you might ask Dad instead of Mom.

A MassMutual survey recently released reveals that a quarter of affluent Hispanic moms perceive themselves as the "savers" in the family while they view their spouses as the spenders. And even though Hispanic moms make every effort to save money, they are worried about their finances and what the future may bring, the study revealed.

"It's clear that these Hispanic moms are playing a larger role as the financial decision maker of the household, and it's promising also to see that they want to provide financial education to their children," said Chris M. Mendoza, vice president, multicultural market development for MassMutual. "It can be overwhelming for any mother to balance work-life duties, but there are things moms can do to help alleviate the pressure."

MassMutual polled more than 1,000 families with household incomes of greater than $100,000 a year. Other findings from the survey include:

--34 percent of Hispanic moms, more than the general population, feel that they should be doing more to save for the future.

--41 percent say they have recently made a conscious effort to cut back on necessary expenses.

--Nearly 25 percent of affluent Hispanic moms generate supplemental income for the family or plan to start their own business.

--Hispanic moms seem to be the least satisfied with their current financial situations (19 percent compared to 25 percent for Caucasian women).

The survey did find some encouraging trends among Hispanic families. Mothers are educating their children about finances by age 7 and the majority of moms are actively getting the children involved in the family budgeting.

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