Policy implications

Recommendations for those providing direct services to mothers and parents – from financial services providers to community organisations and council support – and decision-makers at the local and national level:

1.Support better parental leave and childcare

Maternity leave and subsequent economic cost of childcare as well as reducing working hours to care for children are the main barriers for mothers to build financial resilience. More support is urgently needed to help buffer the financial loss of taking time off work for caring responsibilities and to reduce the cost of childcare, but also to make it easier and more common for parents to share these responsibilities.

2. Design for women

Mothers frequently have different professional trajectories from men, prioritise spending differently on account of responsibilities for children and need different support to build financial resilience. Financial advice and services need to account for this and be designed with the needs and priorities of mothers in mind – for example offering ways of saving for the future that provide flexibility to adapt to needs in the present.

3. Encourage conversations

Mothers often don’t speak to others about their finances – couples might not have open conversations around income, expenses and longer-term effects of part-time work; mothers can hesitate to speak openly between each other about how they’re managing and women can be reluctant to reach out to financial service providers with financial issues due to fear that this might reduce their chances of qualifying for financial products in the future. Changing this holds power in spreading financial responsibilities more equally within families and offering the right kind of support.