Economy Down, Family Time Up?
Featured Guest Blogger January 12th, 2009
Lately, I have found myself reading endless bits of information on how the economy is going to affect working families. Today, I realized that there are two parallel stories happening right now in the conversation about what will happen to families in this time of economic recession (some are even saying ‘depression’).
- Working families are facing financial turbulence ahead.
Parents may lose their jobs and dual-earner families may be reduced to a single income. Single parent families may lose any income. Parents who are laid off may no longer be able to afford child care. Employees may be forced to reduce their hours (and their pay) in order to save their employer money. And let’s not even get into the mortgage/subprime mortgage crisis and what that means for some working families and their housing. - Working families are facing emotional turbulence ahead.
With men more vulnerable to job loss than women, the potential for dads staying home with their children has increased. Studies have suggested that job loss and economic crisis lead to an increase in divorce rates. Family leave initiatives may lose traction now that the economy is struggling, further adding to the emotional strain of the work-family balance.
What can be done to mediate these concerns? That is too vast a conversation for this blog entry. But we’d love to hear your thoughts. I’ll start. I suggest that working parents talk about their concerns with one another and their expectations should circumstances change. Open communication never hurts.
I’ll submit that it’s also a time for all workers, not only those who know their jobs could be at risk, to reassess their skills and think flexibly about the types of work they are able and willing to take on. It’s not a bad time for those not currently in the workforce (particularly full-time caregivers) to do the same.
Perhaps less exciting but just as important is reviewing the family budget, whether or not cutbacks are imminent. Knowing in advance how many dollars can be slashed each month can cut down on the shock if and when necessity demands it.
A final point - globally hard economic times aren’t the only opportunity to apply these and suggestions such as Sandee’s. Injury, illness, and unemployment can hit anyone at any time. Preparation equals (at a minimum) peace of mind.