Planning Perspectives

A look at life and finance from every angle.

From personal to professional, from family to financial, there are many facets to your life. Yet, each is interconnected. Planning Perspectives is a source of ideas and information to help you make the most of them all, all together.


Professional Parents: The Ultimate Balancing Act

March 7, 2019 Blog, Family, Life Events, Living Well, Planning Well

As a soon-to-be parent or a sleep-deprived new one, there’s plenty on your mind. From caring for your baby to taking on additional financial responsibilities, it’s easy to feel overwhelmed. How will you pay for college and save for your own retirement at the same time? Should you plan for extended parental leave or return to work as soon as possible to foster your career?

While the answers to these questions are undeniably complex, one thing is certain: More women are successfully managing both parenting and a career than ever before. According Varnier institute “Modern Mothers in Canada [are] ‘Making it Work.’ As of 2016, the labour force participation rate of mothers in Canada, with their youngest child under six years of age was 73%, more than double the rate in 1976.

And while many working parents still experience feelings of guilt, studies show that this may be unfounded. Sons of working mothers tend to contribute more to family and childcare, while daughters of working mothers earn more money and excel on the job.

Forced to Choose

Still, parents who stay home or work part time to raise children often pay a price in terms of decreased income, which could affect their ability to save for college and retirement. While more time at home often improves the quality of life for parent and child, there is plenty of evidence to indicate that a longer leave decreases the likelihood of a promotion or pay raise once the leave is over. For many parents, the choice is daunting.

Preparing Financially

Today’s challenges make it clear that planning for parenthood requires special financial care. Fortunately, your advisor can develop a plan to help you reach your goals. In the meantime, here are a few things you can do to get your finances in order:

Next Steps