From the Wires
Poor Economy Strains Family Relationships
COUNTRY Survey Reveals Economy Sparking Arguments With Spouses and Children
By: PR Newswire
Jan. 20, 2009 06:00 AM
However, the economic impact on American households presents a silver lining. More than half (54 percent) say they have been talking to their children more about money matters, and another 53 percent say they are permanently changing the way they spend and save.
"There is no doubt this economy has been a rude awakening for families,"
Most Americans say they are cutting back on short-term discretionary spending. Sixty-nine percent say they have limited family outings like going to the movies and dining out due to the current economy. However, many families are pulling back on longer-term needs, as 41 percent say they have slowed contributions to their children's education savings accounts or tuition in the past six months.
Economy's effects on family more apparent among women * Eighty-one percent of women compared to just 65 percent of men say the topic of money and the current economy has been very or somewhat stressful for their family. * More women (60 percent) than men (46 percent) say they are talking more to their children about money matters. * Fifty-seven percent of women compared to 48 percent of men say the current economy has permanently changed their financial habits. Lower income groups most likely to make changes * Seventy-four percent of those in the $20,000-$40,000 income range say they are limiting family outings. * Sixty-two percent of the $20,000-$40,000 bracket say the economy has caused them to permanently change how they handle their money.
For more information on Americans' sentiments about financial security, please visit http://www.countryfinancialsecurityindex.com.
The January COUNTRY Family Finances survey is based on a national telephone survey of nearly 1,200 Americans who currently have children at home and is compiled by Rasmussen Reports, LLC (http://www.rasmussenreports.com), an independent research firm. The margin of sampling error for this survey is approximately +/- 3 percentage points with a 95 percent level of confidence.
COUNTRY Financial (http://www.countryfinancial.com) serves about one
million households and businesses throughout
SOURCE COUNTRY Financial
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