While undoubtedly hard to weather, the current economic climate offers a host of opportunity for parents and kids, alike, to learn valuable lessons.
Saving. Nothing teaches about money like not having any and an economic downturn reinforces the fact that things don’t always go as planned. Families that experience economic hardship have the experience to plan for another one should it come. Saving 10% is a great start to building up some reserve resources. Taking care of what you have. In a comsumerist society, there is not a lot of emphasis placed on preserving possessions. Why? Because you just go out and buy another one. A recession automatically helps people shift their perspective concerning materialism and it helps them learn to value their things more. Things that are valued are taken cared of, cleaned, repaired, and maintained. Delayed Gratification. Today, people want stuff and they want it now! Even though we have plenty of drive-thru this or that to get you want on demand, life isn’t really like that. A recession can teach people that they don’t have to have the latest and greatest right now and that some things are worth waiting for.
History indicates that many alive today will go through at least one more major recession in their lifetime. With this in mind, it pays to capitalize as much as possible on bad circumstances by learning some truly valuable life lessons.