While family dynamics have evolved over the years, it’s still largely women who take the role of caregiver for children and aging parents. That reality has major implications for how women plan financially, says Susan Kay, Vice President and Business Development Consultant from MFS Investment Management.
In an interview with UBS, Kay discusses the financial challenges that are unique to women, from saving and investing to balancing the financial worries of caring for their families and themselves.
Caring for aging parents
The majority (60%) of caregivers in the US are female.* Taking time off from work to care for parents or even helping them financially if they experience money problems can be difficult, especially for women with their own families to support. Kay notes that the toll this takes on women can be both financial and emotional. Her advice: “Learn as much as humanly possible about our parents’ financial situation before a crisis occurs.”