Interesting reasearch: how the economy is affecting moms in financial choices

Rating: 5 after 1 vote

Our friends at research firm Allen & Gerritsen published an interesting bit of research(PDF is attached, below) exploring how the downturn has affected moms' outlook, household finances, and purchase priorities. The survey was conducted between Oct. 3-4 of this year, with the Dow at 10,325. It ended the day yesterday at 8,990.

Highlights of their findings include the fact that 65% of moms reported eliminating "anything I don't feel is absolutely necessary for my lifestyle." Only 12% of moms surveyed said they haven't made any changes at all. Nearly a third (29%) said they have had to find new sources of income. Sixty four percent fo those surveyed believe the quality of life for most Americans is declining, and more than half (56%) feel they are worse off financially this year compared to last year.

Fortunately, not all moms believe there is no end in sight -- at least according to the survey. Let the authors know your thoughts and feelings. I'm sure they'd love to know where all of our heads are at!!

Tags: economy

Attachments:

a-g_street_beat_1_1_oct08.pdf, 565 KB

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Permalink Reply by Cheryl Hill on November 3, 2008 at 2:59pm: I would say that we are more aware of what we are buying and cutting back on the things that we REALLY never needed, like going out to eat or the silly things you find yourself buying off the clearance rack when you really don't need. :0)

But surprisingly the economy has boosted my home candle business. I was a bit worried when it came down to the retailing of my candles how things would go but it is the same if not better then last year.

I think since people are not able to go on the fancy trips or purchase HUGE money items a $20 candles gives them that feel good feeling without breaking the bank. That is just my guess?

Great article thanks for sharing!
Cheryl; ▶ Reply to This

Permalink Reply by Nadia Merhai on November 3, 2008 at 3:46pm: I moved from New York City to Florida to follow my husbands great adventure with a new job. I left mine working for a reputable CPA firm in Long Island. I find that he makes more now yes, but together as a couple we fared much better. Job outlook in Florida is bleak due to the employer/candidate ratio and I find myself competing for jobs that pay much lower but is demanding of your time. As a result of this I'm trying to get my business off the ground, keep debts to a minimum and find balance with 3 children, 2 of which are under the age of 3. Tough times? Oh Yes! More coupon clipping, less road trips to conserve gas and I've always been a power and water conservative. I'm so ready to move back to NY and so is my husband. So far no casualties other than Gas prices have hit my contacts.; ▶ Reply to This

Permalink Reply by Tammy Dantzler on November 4, 2008 at 11:09am: Choosing to go back to the basics! Contemplating necessity of cell phones, satellite t.v. so many channels and nothing to watch, pro and cons of carpooling with other moms for students that go to schools out of their districts, splurging and shopping sprees are the days of the past, packing nutritional lunch verses $5 per/day on non nutritional lunches offered by schools. Plus, we were able to reduce our electrical bill by turning computers off at night and living a green lifestyle. Another helpful hint was to re negotiate our interest rates on credits cards down to 4% or 0% interest rates for 1 to 5 years. You can also re negotiate your telephone service contracts by $45 p/month for 1 year and not lose any service options. Clipping and sharing coupons for groceries, plus I reduced our grocery bill by purchasing vegetable and fruits from the local farmers market verses the convenience of purchasing them at the grocery store. The same goes for purchasing seafood by purchasing seafood from the fisherman's wharf verses grocery store. Companies raked in the profits for years and now are giving consumers alternatives verses losing them.; ▶ Reply to This

Permalink Reply by Kim Kline on November 4, 2008 at 12:07pm: In this market, we have to take a real hard look at what we can do to ensure our financial freedom. My passion and career is built by helping my clients become debt free. I sell a program that is a Financial GPS of sorts.
if anyone is interested, please let me know. Not only are we helping Americans and Canadians find their way to financial freedom, but we are helping as an added income source as well.; ▶ Reply to This

Permalink Reply by Sheree Bosch Bjornerud on March 11, 2009 at 12:42pm: I think this is an old blog or topic, but it hasn't gone away. I really want to connect with all of you who are doing what you can to make extra money and to "save" money in this time. I lost almost all of my savings in the stock market. Trying not to "worry" . I have always worked for myself so I could be flexible with my kids. But I want to share this business with all of you who already have had your experiences with direct sales, and on-line business / both. I am at a disadvantage because at 53 I'm not as "hip" on the website/computer /twitter as some of you. but on the other hand I have had my own traditional business for 25 years. I want to share this business shopping portal because it can only be an adjunct to what you are already doing and in no way competes. It may even be a great avenue to add your business to this shopping portal. I friend of a friend started this last year. If it wasn't for knowing the people, I might have not checked it out. But in my design business over 25 years, I have always tried to show women how they could make great money and create a better life for them selves and family.
I don't even have any pics on yet. (that's how slow i am).
If any one would like to know more. I would love to share.; ▶ Reply to This