CFP board issues Mother’s Day warning

In a blog post, CFP board consumer advocate Eleanor Blayney said mothers often overlook their own financial needs, recommending a specific financial planning strategy.

"Perhaps it is time for those of us who love and value the mothers in our lives to step it up a bit," she wrote. “This year - along with the carnations and chocolates - consider making an IRA or other savings contribution for mum."

Blayney said mothers, as “domestic CEOs”, often make financial decisions in households but do not plan for their own financial security sufficiently.

“They need to become a little more selfish,” she said.

The XCFP board recommends a financial plan for mothers that includes adequate savings, disability/long-term care insurance, greater investment risk and re-training/education for those looking to re-enter the workforce.