In a survey of 1197 Moms from around the country, Mom Central Consulting finds that the economy is significantly impacting the stress level, spending practices and parenting decisions of American Moms.
Moms surveyed reveal that they are changing their spending behaviors due to the strained economy. While nearly 3/4 of Moms are cutting back on spending for their children, 26% of Moms say they're making significant cuts by no longer eating out (84%), by no longer buying items for themselves (76%), and by forgoing extravagant gifts (56%). More than a third are no longer taking big family vacations.
With these cuts in spending, though, Moms' stress levels seem to be increasing. 32%, or nearly 1 in 3, admit that they are stressed and anxious or "worried about the economy or their job stability." Meanwhile, 60% of Moms experience stress about saving money, more than half are worried about paying house bills, and 44% are concerned about the cost of groceries.
Moms are making a real effort to encourage fiscal responsibility. 81% are encouraging their children to "price shop" before buying to get the best value, 53% are renting movies instead of going out, 49% have opened savings accounts for their kids, and 23% are encouraging their kids to carpool, walk, use public transportation, or ride their bikes. At the same time, 84% of moms are teaching their kids to save money and 71% admit they expect their kids to work to earn spending money.
Mom Central CEO and Parenting Expert, Stacy DeBroff, says, "Our findings reveal both how deeply stressed Moms feel about how the economic recession has impacted their everyday budgets, as well as how it has transformed the candor of their conversations about money with their kids. Suddenly, families have to make significant changes regarding birthday gifts, summer camp attendance, as well as daily routines from grocery shopping to ordering take-in food." However, DeBroff points out that there is a silver lining in all of this because parents can now have candid, age-appropriate conversations about spending, allowance, savings, credit and debt with their kids. "But," warns DeBroff, "make sure that you shield kids from the intensity of your own anxiety. Kids intuitively pick up your groaning when you open your bank statement and they may overhear a budget conversation with your partner."
Mom Central Consulting, the premier marketing agency to Moms, works with over 150 national brands to reach, influence, and activate Moms. The Boston-based company, founded by "parenting guru" (Wall Street Journal) Stacy DeBroff provides brands and agencies with the ability to successfully engage with Moms. To find out how we help brands engage with Moms, contact Sarah Montague, VP Client Strategy and Business Development at Mom Central Consulting : firstname.lastname@example.org