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- Join us on Thursday, May 6 for NextAdvisor’s Moms & Money event to hear personal finance experts discuss how to cope with the challenges and opportunities facing moms in 2021.
The last year has been challenging for everyone, but especially for moms. The COVID-19 pandemic has left many American families without jobs, child care, and in-person schooling, and those new burdens have landed mainly on the shoulders of women.
Around 25% of women say their family’s financial situation is worse today than before the pandemic, compared to 18% of men, a Washington Post-ABC News poll finds. Women working remotely during the pandemic are about twice as likely as dads to say they had a lot of child care duties while working, according to a Pew Research Center study from last October.
But while the pandemic has brought many challenges for mothers, they aren’t necessarily new. Women were already more likely than their partners to say they had more parenting and household responsibilities before the pandemic, and faced certain challenges at work because they were balancing work and family responsibilities. The pandemic has exacerbated that. Many women have had to leave the workforce altogether to take care of children and extended family members. Since February 2020, women have accounted for 55% of jobs lost, according to an analysis of Bureau of Labor Statistics data by the National Women’s Law Center.
The unique challenges that moms face every day don’t always get a lot of attention, especially when they are about money. But a growing online community of personal finance experts are changing the conversation around money, motherhood, and building family wealth.
These 10 personal finance pros and coaches are using social media to teach other mothers what they know about money, from enforcing money boundaries and unwinding familial money baggage to becoming CFOs of their families.
Here’s why you should give them a follow.
Farnoosh Torabi, personal finance expert and host of the “So Money” podcast, is all about financial empowerment for women. On her podcast, she has candid money conversations with well-known entrepreneurs, authors, and celebrities. In one of her recent episodes, she spoke with author Catherine Alford about how moms can use the skills they already possess to become confident money managers.
Torabi is herself the chief breadwinner in her family, and in her book, “When She Makes More: 10 Rules for Breadwinning Women,” she uses her own experience and research to explore how a woman’s paycheck can affect her dating life, relationships, and marriage.
She’s also a mom to two young kids, an experience she drew upon to write about why she’s not giving her son an allowance, and how to talk to your kid about money at every age. A big takeaway from Torabi’s experience: Raising money-conscious or money-respectful kids is an ongoing effort.
“It’s important to remember that some kids have a bigger appetite for learning about money than others,” she says, “and, as parents, we should meet them where they are.”
Anna N’Jie-Konte, a business owner, wife, and mother of three, is a passionate believer in the economic empowerment of women and minorities in America. She is the founder of Dare to Dream Financial Planning, a financial advisory firm aimed at bringing communities of color into investing. As the host of the “First-Gen Realness” podcast, she regularly shares advice on building generational wealth because she says it’s a way to liberate people of color from systemic oppression. She also speaks on topics like the gender investing gap, the racial wealth gap, and investing.
Fluent in three languages, N’Jie-Konte is a first-generation American who grew up in New York City, the daughter of accountants employed by the New York State Department of Labor. Her father came to the U.S. from Africa, and her mother is from Puerto Rico.
“I for one feel profoundly blessed to be counted among this group and incredibly proud of my parents’ sacrifices to help me realize the American dream,” N’Jie-Konte recently wrote in a Business Insider article. “However, I am also acutely aware of many of its challenges.”
Rita-Soledad Fernández Paulino
Rita-Soledad Fernández Paulino, creator of Wealth Para Todos, is a former math teacher turned personal finance enthusiast. While sick on medical leave in March 2019, she started to build her financial knowledge by reading books, listening to podcasts, and…
Read More: 10 Financially-Savvy Moms You Should Follow