Parents, especially mothers, continue to grapple with the financial fallout from the Covid crisis, with nearly one-third indicating they find it difficult to manage their finances during the pandemic, according to the MassMutual Consumer Spending & Saving Index.

But a silver lining that has emerged is that nearly two-thirds of parents (65%) said the pandemic has had a positive impact on their relationship with their children, the study said.

Amanda Wallace, head of insurance operations with MassMutual, noted that there was an abundance of down time, and many families were able to make the most of it by focusing on quality time together. “Gone were the days of overfilled calendars with activities and commitments. For many, those family calendars were blank with the exception of school and work, with many parents and children doing both in the same household,” she said in an emailed statement.

Additionally, Wallace pointed out that there was a resurgence of board games, puzzle making, family walks and playing with pets, or of adult children moving back home. “This is one silver lining of the pandemic that I hope many families are able to hold onto,” she said.

The index, which was conducted by PSB online in April among a nationally representative sample of 1,000 U.S. adults, revealed that parents are facing new financial, workplace and childcare responsibilities. More than half (52%), it said, are spending more on monthly family-related costs due to the pandemic, and one-third are spending $1,000-plus more per month. Further, nearly two-thirds (65%) of parents felt the need to access their savings over the last three months, compared to 5% of the general population.

Parents surveyed said their biggest challenge during the pandemic is balancing caring for children with working. Thirty-nine percent said they are working more hours now than before the pandemic, with 40% citing childcare responsibilities as the top reason. In fact, 20% said balancing childcare responsibilities with work has negatively impacted their career progression.

The index also found that millennial parents (73%) more than any other parents overall (61%) indicated that they found it difficult to manage their finances during the pandemic. Also, 46% of millennial parents are working more hours due to disruptions from children being home. 

And like other research, the index revealed that women are disproportionally affected by the pandemic. Mothers (59%), it found, were significantly less likely than fathers (74%) to be optimistic about their finances.

The index found that mothers (16%) who reported saving less were also more likely to lose their jobs during the pandemic, compared to 11% of fathers. Mothers also indicated that job loss is the top reason they were more likely to dip into savings (26% versus 15% of fathers).

As for fathers, the index said they were twice as likely to have increased their savings over the last three months (50% versus 25%). Also, nearly twice as many fathers (18%) reported being promoted and/or receiving a salary increase in the last three months, compared to 10% of mothers.