While becoming a parent is a major identify shift, some of the most significant changes are related to the workplace, and affect women much more than they affect men, according to new research by Merrill Lynch and Age Wave.

The research, which surveyed more than 2,500 U.S. working parents, found 54 per cent of female respondents took leave from work when they first became parents, compared to 42 per cent of men. As well, 22 per cent of women switched jobs for more flexibility, while 19 per cent of men did the same. And 16 per cent of women began working from home, compared to just 12 per cent of men.

Read: How to bridge the parental leave divide

On the other hand, male respondents were more likely to switch to a job that paid more (46 per cent) or offered better benefits (33 per cent). This compares to 24 per cent and 18 per cent, respectively, for female respondents. In addition, 17 per cent of men and six per cent of women took on a second job. 

The research, which also looked at the different stages of parenting, found 72 per cent of respondents said they wish they had some help teaching their children about investing and 90 per cent agreed that personal finances should be taught in school.

Nearly 80 per cent of parents of early adults provide them with some type of financial support. A quarter (25 per cent) said they’d be willing to pull money from a retirement account, 19 per cent would retire later and eight per cent would come out of retirement to help their children financially.

Read: Adult kids draining parents’ retirement funds

Copyright © 2020 Transcontinental Media G.P. Originally published on benefitscanada.com

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