According to a recent report by the allen & gerritsen (a&g) audience intelligence department, 80% of online mothers in the US say most Americans have been encouraged to overextend themselves, while 58% think the average American is too greedy.
Because moms manage the household (which means their behaviors drastically impact sales) and they teach and enforce family values (which means they are as influential in shaping our culture as is the media), a&g surveyed moms to understand just how the economy is affecting their purchase behaviors and economic outlook. The study reveals that most moms believe that cultural trends that demonstrate a belief that Americans deserve to regularly indulge, contributed to the financial crisis we are in.
But, says the report, the pendulum has begun to swing the other way, with moms taking the lead. In this countercultural trend, moms see themselves as shunning greed and are putting family needs before their own.
Moms are looking for ways to rein in their household finances, with 65% of moms surveyed eliminating purchases that are not absolutely necessary, and 52% cutting back in general. 71% say they have made more sacrifices this year than last.
Household Finance Changes Moms Made 2008
Though 71% of moms report they have made more sacrifices this year than last, childcare and medical needs will not be compromised. More of these moms blame the government (not enough oversight or regulation) for the economic crisis than blame the banks (32% vs. 16%).
Who Do Moms Think Are Responsible For Financial Collapse?
In addition:
94% of moms say it is more important to seek regular medical care for their families than themselves.
62% of moms say they are less greedy than the American average.
51% of moms say don’t see the economic situation improving within the next year.
Catherine Kolodij, VP, audience intelligence director at a&g, summarizes by saying “For the last few years, there have been a number of cultural trends that demonstrate the idea that Americans deserve to indulge, buying bigger homes and better cars and other luxuries. Most moms believe this culture contributed to the financial crisis we are in… “
It doesn’t surprise me that moms are cutting back right now. In bad financial times, many moms will sacrifice their own interests/luxuries for the family. Those that don’t currently work may consider something part-time just to help with family finances.
With many families putting kids through school, mortgage payments, and bills, cutting back on unnecessary purchases is priority.
It is interesting and makes a lot of sense that we can look at what moms are doing to see such a trend. They are such an influence to all, and I think most Americans can learn something from them and this trend. I think this has been common for a long time but is escalated by the situation and economy we are in at the moment. I know as an adult, and not being a mother myself, I still look to my mom to follow her lead. And of course I think my mom is the best!