It appears that parents are spending more time talking with their kids about how to use money responsibly (a conversation inspired, perhaps, by their mutual voyage through the Great Recession). That’s according to some data from American Express that appeared in a recent story from Research Brief.
Many economists and pundits have suggested that the behaviors influenced by our recent economic turmoil could out-last the recession. (To use a now-cliché remark, “The new frugality could stick around for a while.”)
Implications: None of us can be certain how long this new, more pragmatic approach to money will last. But it is telling that so many grown-ups appear to have learned from their financial misfortunes, and are proactively helping their children learn from them, too.
My parents were both born while the Great Depression was still fresh in everyone’s mind. And the experiences of their parents (my grandparents) had a great deal of influence over their attitudes toward money. It will be interesting to see if the recent recession was—if not as severe—as formative an event.
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