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A Diverse Mix Of Family Members Both Young And Old And From Diverse Backgrounds.

How’s Your Family?

How’s your family? It’s a common question we often hear from well-meaning friends, colleagues, and acquaintances. Usually, we respond with a brief, “They’re fine, thank you,” and move on. After all, the person asking is just being polite, right?

But if you think about it, asking about someone’s family can open a whole can of worms. Families are complex and come in many shapes and sizes. Each family is different, with its own joys and challenges.

A family unit might consist of same-sex couples, blended families, husband and wife, those with children, those thinking of having, or trying to have, children, those choosing not to have kids, and extended family such as nieces, nephews, aunts, uncles and grandparents.

A complex web and that’s before we even think about how our family might influence our attitude to money.

Family structures can shape our attitude to money

Everyone’s family lives and lifestyles are unique. The same also goes for our financial situations and the financial stresses and challenges we face.

Those of us with young children, for example, prioritise things differently than those without kids. Housing needs, retirement planning, spending, and saving habits are shaped by having children to consider. Similarly, other families’ financial needs and challenges will be unique to their individual circumstances.

As families grow and evolve, financial priorities also change. You might need to plan for your children’s education for example, whereas those who are child-free won’t.

Where you live might be influenced by the need for good schools.  Others might not have that concern.

Those who are child-free might have more disposable income for nice cars, holidays and homes, but maintaining a certain lifestyle can have its own challenges they’ll need to navigate.

Those hoping to start a family might be frantically saving and budgeting for a bigger home, all the additional costs, and fearing how they will navigate maternity or paternity leave and all those sleepless nights!

Despite all the differences between families and their unique configurations, there is one common unifying concern – how to pay the bills and cope if things don’t go quite as planned.

That’s why, whatever the make-up of your family or stage in life, building financial resilience to be able to handle financial shocks is something we all should strive for.

One way to do this is through financial education in the workplace to provide us with  the knowledge, skills and resources needed to manage money effectively, make informed decisions, and plan for the future.

Fortunately, Better with Money can help with its webinars and resources. They enable employers to help their employees navigate the complexities of personal and family finance, regardless of their family situations.

Whether it’s understanding retirement plans, managing debt, buying a home or saving for a child’s education, Better with Money’s webinars and courses are structured in an interesting and accessible way to help equip employees with the tools, resources and confidence needed to be better prepared for a family’s milestone moments, and to become more financially resilient.

While families are inherently diverse and face unique challenges, the need for financial resilience is universal.

With Better with Money, it’s possible to help families of all shapes and sizes build a secure and stable future and tackle any financial hurdles, whatever they look like.