Finding a Financial Advisor for Mothers Impacted by The Pandemic

The COVID-19 pandemic had an unprecedented impact on lives around the globe. Billions of people were affected in different ways, and many are still dealing with the fallout. Today we’ll be discussing how the pandemic has changed the lives of mothers across the United States.

For many women with young children or those who happened to be single parents during the pandemic, the global health crisis was significantly lifechanging. In many situations, these mothers were forced to stop working either temporarily or permanently due to a complete lack of childcare.

How the Pandemic Changed the Lives of Mothers Financially

Prior to the pandemic, the workforce in the United States was fairly balanced with 51% of workers being men and 49% of workers being women. Statistics also indicate that nearly one-third of the female labor force had young children at home. Working mothers were effectively leaving their jobs to care for their children or they were forced out of their jobs, in extraordinary numbers.

In comparison, normally around 9 of 10 fathers and 7 of 10 mothers living with their own children were actively employed. However, the pandemic took the number of non-working mothers from 30% to an astounding 45%.  Almost half of mothers with school-aged children were not working.

This decrease in income combined with inflation rates have caused problems for many families across the country. People have had to dig into their savings accounts to make ends meet through this difficult time. And with children heading back to school this fall, many mothers are setting out with the intention of returning to the workforce.

A Financial Advisor Can Help Get You Back on Track

Now it’s time to look to the future and find a path forward through this uncertain financial landscape. But what’s the first step?

Financial advisors are helping mothers and families alike take control of their finances once again. Armed with insight and experience, these advisors can offer guidance and financial advice to mothers as they enter or re-enter the workforce. They can help you turn your goals into a strong financial plan for a more stable financial future.

What Do Financial Planners and Advisors Do?

A financial planner and a financial advisor actually have slightly different functions.

A financial planner is someone who helps both individuals and organizations create strategies in order to pursue long-term financial goals. Financial planners are regulated on the specific types of financial planning services and products that they provide. Financial planners generally include strategies for:

1. Budgeting
2. Saving
3. Investing
4. Retirement Planning

A financial advisor is someone who helps you manage your money. This could mean a number of different things depending on the specialty of the advisor. Financial advisors must hold a license as well as other credentials. They generally manage areas such as:

1. Buying or Selling Stocks
2. Estate Planning
3. Tax Planning

In addition, investment advisors are a type of financial advisor who specializes in securities.

Do I Need a Financial Planner or a Financial Advisor?

While these two positions often overlap when it comes to financial products and services, it’s important to understand which will provide you with the service you need. In either case, it’s important to understand what you’re paying for when you hire someone professionally for your financial needs. Think about your needs and goals. If your priority is getting your retirement accounts back on track, then you may want to speak with a financial advisor as they deal more with investments. However, if your goal is instead to create and stick to a budget then you may want to meet with a financial planner first.

A Solution for Your Financial Needs

Virtus Wealth Management allows you to take control of your finances with the guidance of certified financial advisors. Our focus is to help you on your financial journey without pressure to invest in products and services that aren’t right for you. Your best interest is our number one concern whether you’re just starting to get your finances on track or if you’re no stranger to investment planning and simply want another option.

We empower and educate clients so they can make the best financial decisions for themselves and their families. You can choose from a number of our popular services including wealth management, tax planning, estate planning, and a variety of retirement planning options.

Our kind and professional team is standing by to discuss your financial goals, answer any questions you may have, provide investment advice, and help you work through life’s important financial decisions.

Call the experienced financial team at Virtus Wealth Management today at (866) 407-4320 to start moving forward with your finances in this post-pandemic world.