As for spoiling yourself, arguably one of the biggest and most substantive gifts any mother could give herself and her family is financial security. Here are five things, which will make a long term difference to your future financial well-being:

1. Save into a pension

Women tend to have smaller pension pots than men. The gender difference in pension savings only widens as we age, and here’s the rub: women, on average, are expected to live for longer than men. Logic then dictates that we should have more retirement savings because we will need an income for longer. Unfortunately, this is not the case.

It’s worth noting figures from the Office for National Statistics (ONS) which show that for those aged 65 to 74, and 75 and over, the majority of people living alone today are female (62 per cent and 73 per cent) respectively.

There has also been a marked increase in people living alone in the 45 to 64 age group, up 27 per cent between 2004 and 2014, which is a statistically significant change. This is partly due to the increasing population aged 45 to 64 in the UK over this period, as the 1960s baby boomer generation reaches this age group. The increase could also be due to a rise in the divorced population in this age group.

Remember that there is no substitute for a regular income in retirement – not a property or even a generous large cash lump sum. Having a pension, and saving into it regularly, is paramount – more thoughts on this here.

2. ISA collaboration

Every woman should have her own savings pot – separate from her partner’s or family’s savings. Make sure you have a rainy day fund set up. An individual savings account (ISA) is a good way to shelter some savings away from the taxman.

The Chancellor recently announced that the ISA allowance can be passed between married couples and civil partners on death. The latest change means you can leave your ISA to your spouse or civil partner when you pass away and they continue to benefit from the tax free income and capital growth of the ISA pot.

If your husband or partner is working, and you’re looking after the children, make sure you talk about your ISAs, and stipulate clearly in each of your wills whether you intend on leaving your ISA to your other half. This will be a sensible approach from a tax planning point of view too.

3. Talk about child care

British parents shoulder some of the highest childcare costs in the world. With the cost of childcare in the UK as high as it is – the gross salary of a full time, live out nanny in central London currently stands at £34,941 – many women calculate that they simply cannot afford to go back to work.

But how many consider the long term impact such a decision could have on their earnings, savings and final pension pot?

If you’re taking time out of work in order to have children, there is a very real chance that you could be missing out on salary increases and opportunities for promotion that might otherwise have been available. Don’t let a career break dent your long-term pension savings.

4. Draw up a financial plan

It’s been said before, and some might find it patronising but it’s worth remembering: ‘a man is not a financial plan.’

According to ONS figures in 2014 there were 2.0 million lone parents with dependent children in the UK – women accounted for 91 per cent of this group¹.

It is important for women to invest and have financial plans in their own right. If you are raising children and managing the home it is unlikely your existing pension benefits will be vast and, given the issue of rising life expectancy, it is even more crucial to make sure you save enough towards your retirement.

5. Teach your children about money

‘Money doesn’t grow on trees.’ Mum’s favourite five words?

Make sure you take time to talk to your children about money. Forget the prevailing but antiquated belief that money shouldn’t be discussed.

Women are often the primary caregivers to children, and should therefore be at the forefront of teaching and advocating financial literacy. Unfortunately too many of us are still guilty of not taking an active interest in money matters, instead choosing to leave this to our partners.

Managing and dealing with money is part and parcel of being an adult and you can influence whether your child approaches financial matters with confidence rather than fear.