3 tips for serving single mothers

“I know a lot of single mothers who feel people view them as a failure for putting careers and goals aside to take care of their children,” Luviminda Sacro, a two-year MDRT member from Iloilo City, Philippines, said, adding that COVID-19 has reduced incomes for single-parent families to half of what they usually were.

Women worldwide are overrepresented in the sectors hardest hit by lockdowns — hospitality, retail and food service — and 54 million women globally lost their jobs during 2020, down 4.2% from the previous year compared with a 3% decrease for men, according to the International Labor Organization. Additionally, women took on more unpaid labor responsibilities such as child care, home schooling and elder care. Those burdens can push women, particularly single mothers, into mental health struggles and burnout. Sacro has a heart for servicing single mothers and shares how financial advisors can better guide single-mom clients.

1. Listen to their stories.

“Single mothers need all the support they can get,” Sacro said. “As advisors, we can help them improve their financial situation by starting their savings and building their wealth to future-proof them from any crisis. For example, a single mother client of mine of about 10 years now was able to build a passive income through her insurance policy, which she used to provide for her family without sacrificing their lifestyle. When they experience firsthand the value of savings and financial products, they become an advocate and inspire other single mothers to do the same.”

2. Plan their financial security.

After a financial advisor earns a single mother’s trust, it’s time to create a policy that will benefit the client based on their needs and budget. Sacro adds that the biggest concerns for single mothers are the following:

• If I get sick, whose income can my family depend on?
• When I get old, who will take care of me?
• Who will provide for my children if I die before they reach working age?

3. Keep in touch.

“I was able to help one of my single-mother clients sustain her needs amid the pandemic because of the constant communication I keep with her. At first, she had difficulty sourcing funds to survive the lockdowns. I checked on her to see how she was doing, especially at the height of the pandemic, which helped pave the way for her financial recovery. As policies aren’t always top of mind for clients, advisors give added value when they consistently keep in touch with clients to offer them products and solutions, which may turn out to be timely and needed,” Sacro said.

Ariana Ubina writes for Team Lewis, a communications agency assisting MDRT with content development for Asia-Pacific markets. This article was excerpted from the November/December 2022 Round the Table. Read the full article.