As we navigate through the pandemic, working from home for at least part of the week is a trend set to continue. Families with young kids means additional pressures, as they juggle working from home with parenting and remote learning responsibilities.
COVID-19 has impacted everything in our lives – the way we work, the way education is delivered in schools and universities, and the way we socialise. But perhaps, it’s parents with young children who have additional pressures.
Juggling multiple commitments
Having a child can be an overwhelming experience for most new parents, but it can be particularly hard when you need to manage kids while also working from home. Many parents are struggling to juggle work expectations while having to schedule pickups from childcare and school. The lack of socialising in the office with peers can also negatively impact mental health.
More hands-on parenting
Working from home has made it possible for couples to manage work while being a more hands-on parent. Raising kids also comes with a significant financial cost. There are ongoing and long-term expenses of new clothes, items such as prams, cribs, and extra co-curricular activities, as well as childcare or education. Working remotely has given parents the flexibility to earn an income while still being present for their children.
Work flexibility post-Covid
According to a report by Workplace Gender Equality Agency (WEGA), COVID pandemic has created widespread support for flexible working, amongst employees and employers alike. Nearly four in five employers now have a formal flexible work policy or strategy. Here are a few trends that have emerged about work from the pandemic:
- 65% of respondents said that both women and men were more likely to be approved for formal flexible working arrangements
- Organisations were more likely to report that they provide access to carer’s leave (99%), unpaid leave (98%), parttime work (96%), flexible hours of work (95%), telecommuting/remote working (93%) and time-in-lieu (92%).
Get professional help
Trying to balance work and family responsibilities can be tough. Don’t be afraid to ask for help when needed, whether it be grandparents, childcare or professional support. If you need help in developing a financial plan that considers the additional costs of raising young kids, please reach out to the team at ADR Wealth.
Any advice is general in nature only and has been prepared without considering your needs, objectives or financial situation. Before acting on it you should consider its appropriateness for you, having regard to those factors.