When a client is simultaneously managing school supply lists, appointment scheduling, meal planning, and a household budget that doesn’t stretch far enough, the mental cost rarely appears on a balance sheet.
“Women know when they’re struggling, but they’re often so busy caring for everyone else that their own needs fall to the bottom of the list,” said Mandy Mail, Executive Vice President of GreenShield Cares.
Children’s wellbeing adds to the pressure
Beyond financial stress, 74 per cent of mothers surveyed by GreenShield said they are worried about their children’s mental health. Concerns about the influence of online content and social media were widespread, with 86 per cent flagging it as a significant source of anxiety.
The BCG data offers a parallel thread: mothers navigating back-to-school spending are increasingly doing so under scrutiny from their children, with clothing and footwear ranked essential by 82 per cent of families, and bags and gear by 72 per cent, categories where peer pressure can drive spending well beyond what the household budget allows.
Client mental health is affecting wealth management decisions at a growing rate, according to earlier research, putting advisors in a position where emotional wellbeing and financial planning are difficult to separate.