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Healthcare and Family Finance: Implications for Children’s Well-being
Access to healthcare is fundamental to ensuring children’s health and well-being, yet disparities in healthcare access continue to exist.[1] This is particularly true when the financial state of the family is considered. Research highlights how economic factors and social inequalities significantly impact the availability and quality of healthcare services for children.1 This article will synthesize key findings from previous studies that elaborate on the intricate relationship between family finances and access to healthcare.
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Preparing Kids for Their Financial Future: The Influence of Your Example
Many individuals and families find themselves in a precarious financial situation these days, especially as the cost of receiving education increases,[1] housing prices rise,[2] and living expenses climb.[3] In all the hustle and bustle of just trying to survive financially themselves, some parents may be curious about or even become distraught when thinking about how they should prepare their children for a financial future. Some parents may try their best to have discussions about finances and actively teach their children, while others may label financial discussions as “adult topics” and try to shield their children from the stressful reality of money management.
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Helping Adult Children Financially: Is it Helping?
The transition from adolescence to emerging adulthood is not only challenging for the emerging adult, but also for the parents navigating the constantly changing boundaries associated with it. Going from family rules and setting curfews for adolescents to lots of independence for college aged children, this change may not be an easy one for anyone involved.
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Finding Joy and Satisfaction in Marriage as a New Mother
The meaning and function of marriage in society has shifted in recent years. What used to be done for the purpose of childbearing and/or creating social and political ties binding two families together is now commonly done for the sake of romance and emotional connection. People are searching not only for a spouse, but for a soulmate—someone who can support their physical, temporal, and emotional needs.[1] Even though this shift has occurred, many couples still choose to expand their family by having children, yet little know of the impact this can have on their marriage. The choice to bear children can come with a significant decrease in marital satisfaction for new mothers.1, [2]
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Talk is Cheap: How Parents Shape Their Kids' Money Skills
In a recent article, Dr. Ashley LeBaron-Black and colleagues[1] explored the association between parental financial education during a child's upbringing and the financial wellbeing of those children as they transition into emerging adulthood.
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Collegiate Coddling: Preparing Your Child for Financial Independence as a College Student
If you’ve read anything on this website, you’ve learned that parents have a significant impact on their child’s thoughts, beliefs and behaviors surrounding money. Even emerging adults report how their parents’ actions are still impacting them. A recent study[1] by Dr. Joyce Serido and other researchers focused on how emerging adults retrospectively viewed how they were parented and how it affects their financial habits and personal wellbeing in their first year of college.
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When Worlds Collide: How to Avoid Work-Family Conflict and Achieve Work-Family Enrichment
The phrase “we’re all family here” has become a modern-day workplace staple. Appealing to the need for human belonging, businesses with the best of intentions attempt to create a supportive, collaborative company culture. But the blurring of lines between personal and professional often comes at the expense of one to the other. Tasked with meeting the demands of two “families,” employees inevitably crack under pressure and may underperform in the home and/or workplace. Companies may see better results as they invest in their employees’ actual families, and here’s why:
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Do as I Say… AND as I Do: Teaching Children About Money in the Home
In a world with information readily available at our fingertips, we often forget about the power of teaching within the home. For example, although children could Google any financial question, what and how they learn about money from their parents (called financial socialization) is the top predictor of their future financial wellbeing.1 The financial literacy gained through these processes will inevitably benefit children later in life as it is applied in emerging adulthood.2,3 Why do children learn more about money from parents than from peers, media, work, or other sources? The home is where children spend most of their time, and the groundwork laid there can have long lasting effects on children’s attitudes and behaviors. There are three primary ways that parents teach children about money: modeling, discussion, and experiential learning.4
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Emerging Adults and the Cutting E.D.G.E. of Family Finance
How well do today’s emerging adults do when it comes to managing money? For the most part, not as well as we would hope. But that can change. A multi-generational, interview-based project was conducted to better understand what and how parents are teaching their children about finances. Based on the What’s and How’s of Family Financial $ocialization project, researchers have drawn numerous conclusions to assist parents in addressing and shrinking the gap between financially literate and financially illiterate emerging adults.[1]
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Transmitting the Genes of Generosity
When you are asked to donate at the cash register, do you do it? Your answer is likely the same as your parents’ answer to this question because children learn financial habits, like whether to donate or not, from their parents and often emulate what they’ve seen their parents do.
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Mental Health and Making Ends Meet: How Low-Income, Unmarried Couples with a New Child Can Thrive
Having a child can bring a wave of emotions. As many parents can attest, some of these emotions might not be “positive” ones, however. Although estimates vary, around 1 in 5 fathers[i] and mothers[ii] in the United States may experience postpartum depression. In addition to the mental effect of women’s post-birth hormonal rollercoaster, mental health challenges might also result from seeking to balance work with new family responsibilities—all with a potentially varying sleep schedule.
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What Impact Do Parents Have on Their Children’s Financial Future?
Any parent can attest to the challenges of teaching their children good principles and practices. Indeed, children do not always listen to, remember, or follow the guidance that parents give—no matter how beneficial that guidance may be. Parents may wonder whether or not their efforts are worthwhile.
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Happy Spouse, Happy House? How Parents’ Relationship with Each Other Impacts Their Teenager’s Mental Health
Parenting often isn’t glamorous. Changing seven diapers in a day, cleaning up vomit at 3 am, and trying to keep the peace between teenage siblings are just a few of the many challenges parents often face. In addition to parenting challenges, the external stressors of jobs, traveling for work, moving residences for a new job, paying bills on time, making ends meet, and saving money for the future leave many families feeling stressed and exhausted.
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A Decade of Dollars: Family Finance Research Summarized
With over a decade of advances in the field of financial socialization, it can be difficult to find exactly what you’re looking for advice on. What have financial researchers learned about how money impacts families and how to teach children about finances? This article summarizes a decade of family financial socialization research,[1] which is the study of how families teach their children about finances and the consequences those teachings have on children’s later financial outcomes. Please feel free to use this article as a segue to various sources of academic information on financial socialization.
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Practice Makes Perfect? Teaching Finances Through Experiences
Of all the skills and values parents hope to pass down to their children, we hope that financial knowledge is one of them. Children absorb financial information both from what their parents say—but also what is left unsaid. Indeed, parents can teach their children about finances explicitly, but sometimes, financial actions speak louder than words.
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The Birds and the Budgets: How and What to Teach Your Kids About Money
You’ve probably heard of the birds and the bees, but what about the birds and the budgets? In two studies, Ashley LeBaron-Black and her colleagues sought to understand how parents effectively teach their children about money.
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Ways to Have the Talk…about Money
Buying a car or a home for the first time can bring a lot of excitement—but also a lot of angst, especially for young adults.
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Money and Laundering: How Household Chores Shape Children’s Financial Attitudes
As of 2022, only eight states require high school students to enroll in a personal finance course prior to graduation.1
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