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How to Raise Financially Responsible Kids in Uncertain Times
How to Raise Financially Responsible Kids in Uncertain Times
How to Raise Financially Responsible Kids in Uncertain Times
How to Raise Financially Responsible Kids in Uncertain Times
How to Raise Financially Responsible Kids in Uncertain Times
How to Raise Financially Responsible Kids in Uncertain Times
How to Raise Financially Responsible Kids in Uncertain Times
How to Raise Financially Responsible Kids in Uncertain Times
How to Raise Financially Responsible Kids in Uncertain Times
How to Raise Financially Responsible Kids in Uncertain Times
How to Raise Financially Responsible Kids in Uncertain Times
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How to Raise Financially Responsible Kids in Uncertain Times

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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 …

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.

Published in: Economy & Finance, Business
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Transcript

  • 1. How
To
Raise
Financially
Responsible
Kids
 in
Uncertain
Times
 March
2009
 www.momcentralconsul.ng.com

  • 2. Who
We
Are
 Mom
Central
Consul;ng:
the
premier
 consul;ng
and
social
media
firm
with
 exper;se
and
focus
on
Moms.
 We
implement
social
media
technology
to
 ac;vate
and
engage
the
Mom
community
 both
online
and
offline.
 Our
vision
test:

 Will
this
make
the
world
beHer
for
busy
 Moms
and
their
kids?

  • 3. Introduc.on
 In
March
2009,
Mom
Central
Consul.ng
(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
ques.ons,
 focusing
how
American
families
are
directly
impacted
by
the
 current
economic
recession.
These
findings
illuminate
in
these
 tough
economic
.mes,
Moms
face
new
expecta.ons,
 increasingly
.ghtened
budgets
and
changing
values.


 www.MomCentralConsul.ng.com
®
 3
 Copyright
2008
all
rights
reserved

  • 4. o 
Moms
are
cuKng
back:
 • 

Nearly
¾
of
Moms
are
cuKng
back
spending
on
their
children,
 while
26%
are
say
they’re
making
significant
cuts.
 o 

Moms
are
teaching
fiscal
responsibility:
 • 
24%
of
Moms
say
their
children
think
that
money
“grows
on
 trees”,
while
50%
say
their
children
believe
their
children
know
 their
parents
work
hard
to
provide
for
them.
 o 

Moms
are
stressed
and
anxious
in
these
difficult
economic
;mes:
 • 
32%
of
Moms
are
worried
about
the
economy
or
their
job
 stability.
 For
full
study
results,
or
to
learn
more
about
Mom
Central’s
Research
Capabili.es
please
contact
 Tracey
Hope‐Ross
at
tracey@momcentral.com


  • 5. How
Do
Moms
Save
Money
and
Tighten
Budgets?

 In
these
tough
economic
;mes,

 Moms
face
new
expecta.ons,
 84%
no
longer
 .ghtened
budgets
and
changing
 eat
out
 values.


 76%
don’t
buy
 new
items
for
 themselves
 57%
stopped
 going
to
the
 movies
 56%
forgo
 extravagant
 giXs
 49%
have
cut
 back
on
 Where
Moms
are
cuKng
back:
 groceries
 Moms
cut
spending
across
most
areas,
 49%
have
cut
 with
extras
like
ea.ng
out
and
travel
 back
on
take‐ seeing
the
most
cuts.
 out
 37%
no
longer
 take
big
family
 vaca.ons


  • 6. Stress
and
anxiety
in
difficult
economic
;mes:
 Trying
to
save
money
and
house
bills
were
the
top
stressors
for
 Moms
surveyed.
Nearly
44%
of
Moms
surveyed
indicated
stress
 about
paying
for
groceries.
 Trying
to
save
money
 66%
 House
bills
 56%
 Grocery
bills
 44%
 Medical
bills
 29%
 Clothes

 20%
 Car
payments
 20%
 College
savings
 17%
 College
tui.on
 9%
 0%
 10%
 20%
 30%
 40%
 50%
 60%
 70%
 Q9: Given the economic recession, which of the following have stressed you most??

  • 7. What
are
Moms
Top
7
Key
Habits
to
Learning
Fiscal
Responsibility?
 The
majority
of
Moms
surveyed
count
teaching
children
and
teens
 to
save
and
make
smart
purchasing
decisions
as
key
elements
of
 fiscal
responsibility.
 84%
 Learning
to
save
 Learning
to
appreciate
what
 83%
 you’ve
got
instead
of
what
 you
want
 Recycling
or
dona.ng
old
 81%
 items
 Ways
to
have
fun
that
are
 80%
 not
expensive
 75%
 Using
coupons
 Appreciate
the
value
of
a
 73%
 dollar
 Working
to
earn
spending
 71%
 money
 Q1: Which of the following do you consider key to teaching your child about fiscal responsibility? 

  • 8. How
Are
Moms
Teaching
Their
Tweens
and
Teens
Fiscal
Responsibility?
 The
economic
crisis
is
affec.ng
children
as
well
 as
adults,
but
plenty
of
parents
need
help
in
 81%
 figuring
out
what,
or
how
much,
to
talk
with
 72%
 their
children
about.


 53%
 49%
 23%
 9%
 Give
them
a
 Encourage
 Open
a
savings
 Rent
movies
at
 Shop
at
 Encourage
 debit
instead
of
 them
to
 account
for
 home
to
watch
 discount
stores
 them
to
go
 a
credit
card
 carpool,
walk,
 them
 with
friends
 over
 price
shopping
 use
public
 instead
of
going
 department
 before
buying
 transporta;on
 out
 stores
 something
so
 and
bike
riding
 they
get
the
 more
 best
value

  • 9. 
Who
Did
We
Talk
To?
 Age 
 
 
 

 Marital
Status 
 

 Neighborhood 
 

  
20
–
29
 
 
16%
  
Married 
 
 
 
85%
  
Suburban 
 
59%
  
30
–
39 
 
50%
  
Common
Law/Partner 
6%
  
Rural 
 
 
25%
  
40
–
49 
 
27%
  
Single 
 
 
 
 
4%
  
Urban 
 
 
17%
  
50+ 
 
 
7%
  
Divorced/Separated 
 
4%
  
Widowed 
 
 
 
1% 

 Educa;on
 Number
of
Children
  
H.S.
Diploma 
17%
  
1
Child 
 
20%
 Work
Status
  
Some
College 
29%
  
2
Children 
 
42%
  
Stay
at
Home 
 
 
49%
  
2
Yr
Assoc. 
 
11%
  
3
Children
 
 
24%
  
Full‐.me 
 
 
 
28%
  
4
Yr
Degree 
31%
  
4
Children 
 
8%
  
Part‐.me 
 
 
 
20%
  
Grad
Degree 
12%
  
5
or
More 
 
6%
  
Student 
 
 
 
2%
 Race
 Ages
of
Children
 Region
  
Caucasian 
 
89%
  
0
to
3
years 
57%
  
New
England 
 
 
12%
  
Hispanic 
 
4%
  
4
to
9
years 
76%
  
Mid‐Atlan.c 
 
 
15%
  
Asian 
 
 
3%
  
10
to
15
years 
51%
  
South 
 
 
 
 
27%
  
African
Am 
 
3%
  
16
to
18
years 
15%
  
Midwest 
 
 
 
27%
  
Other 
 
 
2%
  
Grown 
 
13%
  
West 
 
 
 
 
13%
  
Na.ve
Am 
 
1%
  
Southwest 
 
 
 
6%
  
I
live
outside
the
U.S. 
 
1% 

 
 
 

 9
 For
full
study
results,
or
to
learn
more
about
Mom
Central’s
Research
Capabili.es
please
contact
 Tracey
Hope‐Ross
at
tracey@momcentral.com


  • 10. research
+
revolu;on
=
r2
 A
specialized
research
team
from
Mom
Central
Consul;ng
 measures
and
iden;fies
how
Moms
talk
about
brands.
 Our
experienced
Mom
research
team
delivers
the
insights
you
need
to
 create
targeted
brand
strategies
and
word‐of‐mouth
campaigns.
 More
than
80,000
Moms
par.cipate
in
our
network.
Their
online
and
 offline
conversa.ons
frame
our
research
strategies,
allowing
you
to
 measure
passionate
Mom
enthusiasm,
iden.fy
insighhul
Mom
trends
 and
tap
into
targeted
Mom
networks.
 Commiied
to
a
more
thoughhul,
more
innova.ve
approach
to
 understanding
today’s
Moms,
r2
reveals
relevant
market
drivers,
 captures
Mom
advocacy
and
ac.vates
powerful
Mom
Networks.
 10
 For
full
study
results,
or
to
learn
more
about
Mom
Central’s
Research
Capabili.es
please
contact
 Tracey
Hope‐Ross
at
tracey@momcentral.com


  • 11. For
More
Informa;on
 If
you
have
any
ques.ons
about
this
report
or
if
you
would
like
addi.onal
 informa.on
about
our
research
capabili.es,
please
contact:
 Tracey
Hope‐Ross
 Vice
President
of
Research
 Mom
Central
Consul.ng
 617‐244‐3002
 tracey@momcentral.com
 Twiier:
@thopeross
 Megan
McManaman
 Research
Manager
 Mom
Central
Consul.ng
 617‐244‐3002
 meganm@momcentral.com
 Twiier:
@megz79
 11


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