Download pdf - 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

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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%


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.


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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