Only 24% of moms are satisfied with their current financial situation and one-quarter admitted they are struggling to make ends meet or are worried about their financial future. However, only one-third of moms currently use the services of a financial professional to help them with their investments and/or insurance needs.

These are some startling stats from the moms who were surveyed for “State of the American Mom Study” released by MassMutual and conducted by Forbes Consulting Group, LLC. The study was comprised of 1,014 interviews with American women who are financially responsible for children under the age of 27. Interviews were conducted among mothers aged 25-65 with household incomes greater than $50,000 who contributed at least 40% to decisions regarding financial matters in their household.

When it comes to insurance, the data shows that moms may be putting their families in a vulnerable position: 46% of moms surveyed do not own disability income insurance and an even larger number (68%) do not own long-term care insurance—both key to help ensure financial stability for the long term.

The following are a few key tips from MassMutual to help moms get their finances on track:

1. Be prepared. Emergencies aren’t predictable. Set up an emergency account now to help protect yourself and avoid finding yourself in a troubling financial situation.
2. Protect your income. If you’re a stay-at-home mom, you provide valuable services to your family that may trigger out-of-pocket expenses should something ever happen to you. With the help of a financial professional, you can explore available options to ensure that you’re planning ahead, no matter what the future holds.
3. Guard your independence. Long-term care insurance is one option that allows you to have a plan in place to help protect your assets and remain as independent as possible, if you require the need for long-term care.
4. Plan now (not later). Don’t procrastinate when it comes to planning for your financial future. No one knows what the future brings, so now is the time to sit down and think about how to pass your assets – but not your taxes – to your heirs.
5. Have the talk. Schedule monthly meetings to sit down with your spouse or significant other to discuss your finances. It’s critical for both people to have a full understanding of all debt and assets in order to build a realistic plan.

These are excellent suggestions from Mass Mutual, but an even better one is to sit down with a financial professional or agent to review your current situation, determine the problem areas and put together a plan of action with appropriate solutions. A good place to start for a young family is with the LIFE Foundation’s educational resources here.