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A recent study highlights a harsh reality for new parents: unpaid maternity leave can lead to significant financial distress. The research indicates that 74% of women would exhaust their cash savings within just eight weeks of taking unpaid leave following childbirth.
The findings come from a survey conducted by Breeze, a company specializing in disability and critical illness insurance, which polled 1,001 employed women aged 18 to 44. Many respondents expressed concern over the financial implications of unpaid family leave. Over half, 54%, indicated they might resort to personal loans to cover expenses during this period, while 49% considered tapping into their retirement savings. Alarmingly, when asked whether they had enough cash savings to manage an eight-week unpaid maternity leave, 70% responded negatively, with 74% stating they would have no savings left after the leave.
When rating the potential financial impact of unpaid leave on a scale from 1 (no setback) to 10 (major, possibly permanent setback), the average response was a concerning 7, with 16% rating it a full 10. This alarming statistic reflects a broader trend highlighted by the 2019 Survey of Consumer Finances, which reported that median savings for Americans stood at only $5,300 prior to the pandemic, a period during which many families had to deplete their savings just to survive.
The survey also touched on the topic of short-term disability insurance for pregnancy, underscoring the lack of robust social safety nets available to new parents, especially mothers. As states continue to restrict abortion rights following the overturning of Roe v. Wade, it is anticipated that more individuals will be compelled to carry pregnancies to term, thereby increasing the financial strain associated with unpaid maternity leave.
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In summary, the financial implications of unpaid maternity leave can be dire, with many women facing the daunting prospect of depleting their savings and incurring debt to navigate this critical phase of motherhood. The lack of paid leave in the U.S. continues to put new parents in challenging situations that could have lasting repercussions.