Financial Crises Reorient Family Aspirations Toward Survival Rather Than Mobility
The financial crisis is one of the most devastating occurrences that can happen to anyone. It has a significant impact on the economy of a country as it affects families' ability to provide for themselves and achieve their dreams.
What are some of the ways that families are affected during such times? How do they cope with these challenges? What changes do they make in their lives when facing economic hardships?
When confronted with a financial crisis, families must focus on surviving rather than achieving mobility. This means that instead of pursuing goals such as buying expensive items, traveling abroad or upgrading to luxurious houses, they will be forced to work harder and save more money. They might also have to adjust to living within their means and reducing unnecessary expenses. In other words, they will have to prioritize basic necessities over luxury items.
One way families may reorient their aspirations towards survival is by downsizing. This involves reducing the number of family members and cutting back on non-essential purchases.
If there are three children in the household, parents might decide to send two of them away to live with relatives while they continue to provide for the remaining child at home. Similarly, they could sell off luxury items like cars or furniture to raise cash for emergencies.
Another approach is to increase income through additional jobs or side hustles. Families may opt for part-time employment opportunities that help bring extra funds into the house.
They could start small businesses from home, which can generate profits even without an initial investment. Some common examples include selling homemade products online or providing services like babysitting or dog walking.
Families facing financial difficulties may choose to change lifestyles altogether. This involves changing the way they spend money on groceries, entertainment, and recreational activities. They would buy generic brands instead of branded ones and eat out less frequently. They could visit local parks rather than going to theme parks or playgrounds. It helps reduce spending and ensures that resources are preserved for essential needs such as school fees, medical care, and food.
When confronted with a financial crisis, families must focus on saving more money than ever before. They will have to set aside some amount every month to meet unexpected expenses or emergencies. They could also invest in assets like real estate or stock markets to earn passive income over time. By doing so, they would be prepared for future crises and ensure their children's education remains intact despite any economic challenges.
When faced with a financial crisis, families must reorient their aspirations towards survival rather than mobility. They must save more, reduce unnecessary expenses, find additional sources of income, and change lifestyles. These measures will enable them to overcome hard times and continue providing for themselves while maintaining stability within the household.
How do financial crises reorient family aspirations toward survival rather than mobility?
Financial crisis can cause families to focus on their basic needs of survival instead of pursuing long-term goals for upward mobility. This can be due to various factors such as job loss, reduced income, and increased expenses, which force them to prioritize necessities like food, shelter, and healthcare over luxuries.