How to Raise Financially Responsible Kids in Uncertain Times
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How To Raise Financially Responsible Kids in Uncertain Times www.momcentralconsul.ng.com March 2009
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In March 2009, Mom Central Consulting (MCC) surveyed nearly 1200 Moms across the United States about the impact of the recession on their families. MCC recruited Moms from our community and a network of contacts.1197 Moms completed an online survey of 24 questions, focusing how American families are directly impacted by the current economic recession. These findings illuminate in these tough economic times, Moms face new expectations, increasingly tightened budgets and changing values.
Transcript of How to Raise Financially Responsible Kids in Uncertain Times
HowToRaiseFinanciallyResponsibleKidsinUncertainTimes
www.momcentralconsul.ng.com March2009
Weimplementsocialmediatechnologytoac;vateandengagetheMomcommunitybothonlineandoffline.
MomCentralConsul;ng:thepremierconsul;ngandsocialmediafirmwithexper;seandfocusonMoms.
Ourvisiontest:WillthismaketheworldbeHerforbusyMomsandtheirkids?
WhoWeAre
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InMarch2009,MomCentralConsul.ng(MCC)surveyednearly1200MomsacrosstheUnitedStatesabouttheimpactoftherecessionontheirfamilies.MCCrecruitedMomsfromourcommunityandanetworkofcontacts.
1197Momscompletedanonlinesurveyof24ques.ons,focusinghowAmericanfamiliesaredirectlyimpactedbythecurrenteconomicrecession.Thesefindingsilluminateinthesetougheconomic.mes,Momsfacenewexpecta.ons,increasingly.ghtenedbudgetsandchangingvalues.
Introduc.on
www.MomCentralConsul.ng.com®Copyright2008allrightsreserved
o MomsarecuKngback:• Nearly¾ofMomsarecuKngbackspendingontheirchildren,while26%aresaythey’remakingsignificantcuts.
o Momsareteachingfiscalresponsibility:• 24%ofMomssaytheirchildrenthinkthatmoney“growsontrees”,while50%saytheirchildrenbelievetheirchildrenknowtheirparentsworkhardtoprovideforthem.
o Momsarestressedandanxiousinthesedifficulteconomic;mes:• 32%ofMomsareworriedabouttheeconomyortheirjobstability.
Forfullstudyresults,ortolearnmoreaboutMomCentral’sResearchCapabili.espleasecontactTraceyHope‐[email protected]
WhereMomsarecuKngback:Momscutspendingacrossmostareas,withextraslikeea.ngoutandtravelseeingthemostcuts.
84%nolongereatout
76%don’tbuynewitemsforthemselves
57%stoppedgoingtothemovies
56%forgoextravagant
giXs49%havecut
backongroceries
37%nolongertakebigfamily
vaca.ons
49%havecutbackontake‐
out
Inthesetougheconomic;mes,Momsfacenewexpecta.ons,.ghtenedbudgetsandchangingvalues.
HowDoMomsSaveMoneyandTightenBudgets?
Q9: Given the economic recession, which of the following have stressed you most??
9%
17%
20%
20%
29%
44%
56%
66%
0% 10% 20% 30% 40% 50% 60% 70%
Collegetui.on
Collegesavings
Carpayments
Clothes
Medicalbills
Grocerybills
Housebills
Tryingtosavemoney
Stressandanxietyindifficulteconomic;mes:TryingtosavemoneyandhousebillswerethetopstressorsforMomssurveyed.Nearly44%ofMomssurveyedindicatedstress
aboutpayingforgroceries.
71%
73%
75%
80%
81%
83%
84%
Workingtoearnspendingmoney
Appreciatethevalueofadollar
Usingcoupons
Waystohavefunthatarenotexpensive
Recyclingordona.ngolditems
Learningtoappreciatewhatyou’vegotinsteadofwhat
youwant
Learningtosave
Q1: Which of the following do you consider key to teaching your child about fiscal responsibility?
WhatareMomsTop7KeyHabitstoLearningFiscalResponsibility?ThemajorityofMomssurveyedcountteachingchildrenandteenstosaveandmakesmartpurchasingdecisionsaskeyelementsoffiscalresponsibility.
9%
23%
49%53%
72%81%
Givethemadebitinsteadofacreditcard
Encouragethemto
carpool,walk,usepublic
transporta;onandbikeriding
more
Openasavingsaccountfor
them
Rentmoviesathometowatchwithfriends
insteadofgoingout
Shopatdiscountstores
overdepartment
stores
Encouragethemtogo
priceshoppingbeforebuyingsomethingsotheygetthebestvalue
Theeconomiccrisisisaffec.ngchildrenaswellasadults,butplentyofparentsneedhelpinfiguringoutwhat,orhowmuch,totalkwiththeirchildrenabout.
HowAreMomsTeachingTheirTweensandTeensFiscalResponsibility?
WhoDidWeTalkTo?Age 20–29 16% 30–39 50% 40–49 27% 50+ 7%
NumberofChildren 1Child 20% 2Children 42% 3Children 24% 4Children 8% 5orMore 6%
AgesofChildren 0to3years 57% 4to9years 76% 10to15years 51% 16to18years 15% Grown 13%
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MaritalStatus Married 85% CommonLaw/Partner 6% Single 4% Divorced/Separated 4% Widowed 1%
WorkStatus StayatHome 49% Full‐.me 28% Part‐.me 20% Student 2%
Region NewEngland 12% Mid‐Atlan.c 15% South 27% Midwest 27% West 13% Southwest 6% IliveoutsidetheU.S. 1%
Neighborhood Suburban 59% Rural 25% Urban 17%
Educa;on H.S.Diploma 17% SomeCollege 29% 2YrAssoc. 11% 4YrDegree 31% GradDegree 12%
Race Caucasian 89% Hispanic 4% Asian 3% AfricanAm 3% Other 2% Na.veAm 1%
Forfullstudyresults,ortolearnmoreaboutMomCentral’sResearchCapabili.espleasecontactTraceyHope‐[email protected]
research+revolu;on=r2AspecializedresearchteamfromMomCentralConsul;ngmeasuresandiden;fieshowMomstalkaboutbrands.
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OurexperiencedMomresearchteamdeliverstheinsightsyouneedtocreatetargetedbrandstrategiesandword‐of‐mouthcampaigns.
Morethan80,000Momspar.cipateinournetwork.Theironlineandofflineconversa.onsframeourresearchstrategies,allowingyoutomeasurepassionateMomenthusiasm,iden.fyinsighhulMomtrendsandtapintotargetedMomnetworks.
Commiiedtoamorethoughhul,moreinnova.veapproachtounderstandingtoday’sMoms,r2revealsrelevantmarketdrivers,capturesMomadvocacyandac.vatespowerfulMomNetworks.
Forfullstudyresults,ortolearnmoreaboutMomCentral’sResearchCapabili.espleasecontactTraceyHope‐[email protected]
ForMoreInforma;on
Ifyouhaveanyques.onsaboutthisreportorifyouwouldlikeaddi.onalinforma.onaboutourresearchcapabili.es,pleasecontact:
TraceyHope‐RossVicePresidentofResearchMomCentralConsul.ng
617‐244‐[email protected]:@thopeross
MeganMcManamanResearchManager
MomCentralConsul.ng617‐244‐3002
[email protected]:@megz79
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