The Financial Downside of Mom as Family’s Number One Caregiver

Motherhood is one of the most important things in the world. But like many other important things, it can leave little time for much else, especially when taking action around women’s preventative health and wellness.

“There’s a priority shift when women become mothers,” Bethany Weeby, senior vice president, strategic initiatives and strategy, health and wellness at Synchrony, told PYMNTS, noting that many women find themselves placing their family’s health above their own.

This dynamic is particularly evident in nuclear families, where mothers are twice as likely as fathers to report that household responsibilities limit the time they spend on their personal wellness. The burden of caregiving, compounded by financial constraints, often leaves mothers in a precarious position, forcing them to forgo their health needs to ensure their families are cared for.

“There’s an opportunity to give mothers the resources they need to make personal wellness a priority for themselves again,” Weeby said, citing the need for tailored solutions that not only alleviate financial stress but also empower mothers to prioritize their well-being.

She added that by offering flexible payment options, increasing financial literacy and advocating for equitable access to healthcare, employers and payment firms can play a role in empowering women to achieve a balanced and healthy lifestyle.

Read also: New Study Looks at Economic Factors That Define Women’s Health

Supporting Women’s Health and Wellness With Financial Innovations

Women who prioritize their financial well-being are taking a step toward ensuring a healthier future, both physically and mentally. In a world where health and wealth are increasingly intertwined, financial stability and access to healthcare resources are important for women’s health outcomes.

Weeby explained that the CareCredit health and wellness card is one resource that can help mothers navigate financial barriers that may prevent them from accessing necessary health and wellness services, including preventative healthcare, nutrition, acupuncture and other essential wellness practices.

By offering individualized payment plans, CareCredit can alleviate some of the financial burdens that force mothers to put their health on the back burner.

Weeby noted that data in the “2024 Women’s Wellness Index,” a PYMNTS Intelligence and CareCredit collaboration, found that women who engage in proactive financial planning are more likely to access necessary health services, including regular checkups and preventive screenings. That’s why embracing a proactive approach to finances and healthcare is increasingly seen as a pivotal strategy for enhancing women’s health.

The challenges faced by mothers are further amplified for single mothers, who, despite being more likely than those in nuclear families to prioritize their own health, face financial constraints as a barrier.

For single mothers, who often juggle multiple responsibilities without the support of a partner, the need for flexible financial solutions is even more critical, Weeby said.

“Tailored offerings like promotional financing can really allow patients to pay those out-of-pocket expenses over a set period of time,” she added, stressing how vital these solutions are in enabling access to the health resources needed by single mothers without compromising their financial stability.

See also: Women Prioritize Healthier Finances for Healthier Futures

Ensuring Equitable and Accessible Payment Solutions

The responsibility of managing household health-related tasks disproportionately falls on women, with over 60% of both single mothers and those in nuclear families reporting that they shoulder these responsibilities, according to PYMNTS Intelligence’s “2024 Women’s Wellness Index.”

Companies must ensure their payment solutions are accessible and equitable, particularly for women under additional time and financial pressures.

Weeby stressed that CareCredit, for instance, offers a streamlined application process that can be completed online, along with resources like an interactive promotional financing calculator. These tools are designed to meet women where they are, providing them with the financial flexibility they need to manage their health and wellness effectively.

Still, financial literacy, particularly regarding healthcare costs and risks, is an area where many women may feel underprepared.

Weeby said financial services companies have a responsibility to educate and empower women with the information they need to make informed decisions about their healthcare. CareCredit, for example, offers tools and resources that help patients increase their financial literacy even before a need arises. That can ensure patients — especially those who are the primary health decision-makers in their households — have the confidence to invest in their own wellness.