When every dollar counts, parents are having to say no…when all they've ever said is yes. Has your outlook/habits with regards to money changed in this country's economic decline?
In this troubling economic time, is it important for parents to discuss their finances with their children? Should children know how much money their parents make?
How has the recent decline in the economy affected your outlook on your future?
job prospects?
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21 comments:
I think parents should discuss financial problems with their children because of how the economy has been doing lately. Obviously all children ask for things from their parents on a regular basis and with the Holidays coming up parents are trying to get everything their kids want but its not always easy. I think if children knew their parents situation they would be able to learn even more about our world today and they type of spot we are in. If children knew money was tight in their family, then they could learn that you cant always get everything you want. Of course parents would love to give their kids everything but we all know thats unrealistic. We need to adjust of the times on the world today and find alternate solutions to constant spending.
Parents should definately tell their children how much money they make. This not only gives the child an idea of saving and importance of money, but it will also encourage them to get a job that will have a more convenient income than those of their parents.
The recent decline of the country's economy had affected my outlook on my future because I want to be able to support myself and a family when I get older. I need to find a career where I will receive a high enough income.
In today's economy, every dollar certainly does count. People know that now, during a recession, saving for a rainy day is the smart decision to make.
-Danielle Johnson
It just so happens that the time of the economic decline was when I started to become more financially dependent. I've always relied on my parents for money, so I've never really been a big spender. I get guilty using my parent's money, which is why I'm so thankful for the job I have, so I can provide for myself. My outlook on money has changed since the decline because I now realize that money should be spent on need, and only limited wants. I think that parents should discuss finances with their children wi thought a doubt because it is important for children to at least have some knowledge of the standards that they live in. I think at a certain age, it become appropriate to let children know how much their parents make. I think if parents have issues with money their kids should know so they understand their limits.
I think that the finance of a family should be something that is discussed throughout the members. In my opinion, if there is an understanding of where the family is financially with both the parents and the children, it will help the kids know why their parents have to say no now. Children are always going to want the best things out there but with the economic downfall i feel that the upcoming generation of children need to be a little more mature and accept the fact that some things just cant be afforded. I also think that parents need to learn what the word "no" means. Our generation of kids have been brought up being used to getting everything they want, when they want it, and they need to be broken of that habit in order to help their parents with the current finacial problems.
I think that parents should tell their children how much they make and explain the financial situation of the family. Talking to kids about money will give them a sense of reality. Although talking about money helps, I don't think kids really understand the value of money until they get their first job. I had my first job over the summer. Working long hours was hard, but the money was rewarding. Since I made the money myself, I was very careful with spending because I didn't want my hard work to go to waste. I have always felt guilty when my parents gave me money or something I wanted, and after having a job, it made me feel even guiltier. Kids simply want things but do not understand what it takes to earn the money to buy it. Educating kids about money will better prepare them for their futures.
I think that finicial problems of a family should be discussed. It is obvious that all children ask for things, I see it when I go to the store, children screaming at the parents that they want something and then the parents give in because they want there kid to shut up and stop throwing a temper tantrum. If the parents are always giving in to their children, then they are never going to learn. When that day comes, when the parent has to say no, it is not going to end well. The children in our generation have been raised to get everything they want when they want it. The parents have to raise their kids to know that they have to work for what they want instead of just giving it to them. If the children knew the parents financial problems they might be more understanding of the issue, but may also be to young to fully understand.
In a way, I feel like this decline in the economy was good in that it educated people about the value of a dollar. It taught people a lesson that youn cannot spend more than you actually earned, a simple principle that seems to be overlooked. As a result our economy went down the drain. As our econmy is slowly starting to creep up out of its hole I think it is very important to find a way from prevent this from happening again. One way everybody can make a difference is educating their children about the economy and incomes and spending. We need to get the messege across to our children now that "you absolutely cannot spend more than you can afford." I believe parents should share their yearly income with their children. This will give them an example and an explaination as to why they can't have all those toys and games they want. We need to move back to the way things were, when the important things in life were love and family values, not money and materialism. Kids today have no morals and values because everything is handed to them on a silver platter. Hopefully this economic depression opened everybody's eyes.
I understand parents finding it difficult to admitt to their kids that they dont have as much money as they used to and that they cant keep providing them with the same lifestyle they may have gotten used to. Parents these day should discuss their financial issues witth their children, these are tough economic times and everyone has been affected in one way or another. Parents should know that its ok to say no to their children and that their kids should be understanding as to why. This economy has completly changed my outlook on the future mainly with jobs. The news is constantly talking about how unemployment is at an all time high and how there will be no jobs available in the future. Then people are constantly asking me what i want to be when i grow up, well i have no idea and i feel like if i finally make up my mind who knows if their will be any good jobs available in that field.
My outlook on money has changed, however not only because of our country's economic decline. This year I got my first car, and my first job. My car taught me a lot about money, because I had to buy chip in for most of it, and my job has kept me responsible and on track with making payments and managing money. So I think it's important for kids our age to become responsible and independent for their own expenses because we won't always be living under someone else’s roof. I'm not sure where I stand on the issue of parents sharing their salary with their children. I think that if it's a situation where they need the help of their child to economically support the rest of the family, then it should be put out in the open. But if it's the other way around, I don't think the information should be shared to teach a lesson that not everything revolves around money and people still need to appreciate the little things. If anything, this decline of the economy has taught me to cherish the little things that money can't buy.
I think that it is important that kids do understand the finical difficulties that this country is facing. The parents should also explain to their children that they can not be spending as much money as they used to. I dont think that they should tell them how much they make a year but explain to them the significance of every dollar now a days. This recent declie in the economy has drastically changed my future. Job opportunities have dissappeared, and college is getting harder and harder to pay for. I feel that in this economy it is a horrible time to get out of college and go into to college, because what your missing is the jobs and the money to go further in our lives.
First of all, I don’t think it’s alright for parents to always say “yes”. Even if the family has money to spend, it’s not okay to give kids all they want for a couple of reasons. You do not want to spoil your children for their own sake. Being spoiled, you expect to get everything you want and once they child enters the real world, they will have a very hard time adjusting while realizing that “getting everything you want” is not a fact of life at all.
Second of all, even if money is abundant in your family, it is still important to teach your children economics and the true value of a dollar. Kids need to understand that a dollar is worth SO much and you have to work hard for that dollar. At the same time that dollar is easily spendable, but needs to be spent on necessities and saved for the future.
The economic downfall has certainly had an impact on my life along with many others. I was lucky enough to have been brought up with knowledge of the dollar and have seen what its worth. The recent decline has, however, very much changed my outlook for the future. I’ve already begun to feel unstable/ uncertain about my future and where I’ll be due to an uneasy economy. All I can do is hope, and make smart economic decisions from here on out.
As a result of our country’s economic decline I have been increasingly careful where I spend my money, and I ensure that every dollar I spend is a worthy investment. Despite previously making purchases without thinking twice, I now understand that it is very important to save money and make wise expenditures. In regards to parents sharing their financial information with their children, I believe that children should know, as it will better prepare them for the real world. If children were more aware of their family’s household income I think they would make more responsible decisions about their own purchases as well as the situations when they ask their parents for money. Parents need to explain to their children that they can’t spend money that they don’t have, and a failure to comply with this is one of the reasons behind America’s economic downfall. Although it may be difficult parents need to understand that financial stability is more important than buying their kids the newest games. The recent decline in the economy has showed me that a job might not be easy to find when I come out of college, and as a result of this I must spend my money wisely.
Many families are struggling financially and it is because they don't prepare themselves earlier in life. What parents should do early in their children's lives i would teach them about the importance of having a budget and saving money. The younger people start saving, the more money they will have for the future when there could possibly be an emergency. A lot of families are in debt so that could be a good lesson for them to teach their children. Kenny Anello
My parents never gave me everything i asked for. They made we work hard and earn what I get. Even though it was rough growing up this way I now believe this has made me a better person. I know all my parents finances and worries and I hate it. I do not think children should be burdened with all the horrid details but should now generally their money situtation. The recent recession has worried me about college because I have to payfor it myself and if i can't get a job after college then I'm going to be in massive debt. But i now know the reality of life and can pick my college accordingly.
Honestly, my parents have raised me to be the cheapest person ever. Ever since i was young, my parents have always tought me the value of the dollar, and what is exactly important and what isnt. the economic decline has not effected my family personally due to their job positions, and their ability to not spend money on excess unnecessary things. i do have a job, but solely for the purpose of using my own money for my own things that i would like to have, without having to use my parents money. i have always wanted to do whatever i wanted with my future, and although the economy is down, i still believe that it will always go back up, and will not effect my future. i try to remain optomistic about my future.
I think that parents do have a responsibility to teach their kids good financial practice, especially in the wake of a financial meltdown that was caused by irresponsible spending. Personally, my parents have always lived extremely conservatively, most likely because of the poverty my father experienced as a child. In fact, my parents have always taught me to "live on one income" meaning that even if one of my parents were to lose their job today (*touch wood*) we would still be able to support our commitments and loans. Personally, I have been lucky enough to not have the recession majorly impact my family, or our standard of living, however my parents have never been the type to "always say yes." Overall, I do think that it is important for children to know what their parents make, and what portion of it goes to housing, food, insurance, savings, retirement, etc. It prepares us for when we're on our own.
My outlook on money has never changed, I have always seved my money. Unfortunately, in our economic downturn, I have been unable to find any work. I have applied at every store and fast food restaurant within a ten minute drive from my house and I have still not been hired. During the summer i work at a camp counciler, AKA "recreation aide". Sadly however, this is only a seasonal job and I don't even make close to enough money to make it through the whole year without work. I feel that it is important to discuss finance with children and how to manage it. On the other hand, I don't beleive that they should discuss how much money they make with their children because then the child might get cocky about their money situation or be worried about it.
I think as a child, your parents should start teaching you simple lessons on how money works and how hard you have to work to make money. When I was about 7, I used to run a lemonade stand or an iced tea stand just like any other kid. It was fun I also made a little amount of money.
Now, in this economy, we are actually on an incline; We have already hit the lowest point and are on the rise. For people who are working full time, they understand what happens when the economy is not doing well and act accordingly by following their budget and not wasting money. For a child who does not work it is much harder to comprehend what is going on during an economic decline and therefore their habits, like wanting ice cream every time the ice cream man comes by or getting candy every time they are with their parents shopping, are not affected. It is important for parents to discuss their finances with their children and to inform them of how much the parents are making. The recent decline has not really affected me because I am not working full time and since I work at a restaurant, usually restaurant are not usually affected.
The economy hasn't had much effect on what my parents are getting me or not getting me. They have always had a strategy of saying yes or no. If you asked them for something once, you didn't technically want it that bad. If you asked them again you didn't get it just yet. You would have to ask them 3 or 4 times before you got what you wanted. My siblings and I never knew of their strategy until about a year ago, but it no longer works. I know how much my parents make and it seems like it's a lot more than it gets me. The economy has had no effect on what I get from my parents, but it certaintly will affect the outlook on my future and the future of our whole generation.
I constantly hear the talk about the bad economy, either out in the world or at home. It has changed my outlook, but i feel very lucky that I don't feel it has really effected my life. There has been some things we've cut back on and sometimes my mom has no money, but I think compared to most, my life has not drastically changed, and i'm very thankful for that. I feel that if parents are in a position where there is going to be a big difference money wise because of the economy, their children should be informed. However, if theres not going to be a huge change, why cause the child any distress? i actually do feel a little worried for my future, though. I am entering a field that, even in the best economic times, is extremely hard to find work and does not pay that well. I am scared that it might not work out, but I refuse to let any of that stop me from following my dreams.
To be honest, I haven't witnessed any dramatic effects from our current economic conditions. I do believe it is important for parents to convey the importance thier finances with their children. Children should have the chance to understand what their current family members are going through in the recession.
The recent decline in our economy has made me consider different career choices. For instance, my parents really want me to go into a science field because they see it as a safe route. However, there are times where I consider other options that may not be as "safe" as a job route. The current conditions sometimes to make me lean towards a more safe route in my future career choice.
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