Document Type

Other

Publication Date

6-1-2009

Keywords

financial values, family, financial difficulties

Extension Number

ExEx 14065

Department

Consumer Sciences

Description

When money becomes scarce, the entire family—from young children to teens to parents—can feel the pinch. However, though family members may have no control over the causes of their financial difficulties, they can control their responses to those difficulties. In fact, parents can turn even tough times into learning situations. There are real opportunities to increase family communication and solidarity and to help children take control of their lives. There is a long-term benefit to involving children in family finances: researchers who studied individuals during the Great Depression found that youth who worked to contribute income for the support of their families were healthier psychologically and were better off for the experience when they became adults (Elder 1999; Lindenmeyer 2005).

Comments

Updated June 2009

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