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Article history:
Received 09 April 2024
Revised 03 June 2024
Accepted 08 June 2024
Published online 01 July 2024
Journal of Psychosociological Research in
Family and Culture
Volume 2, Issue 3, pp 11-19
The Role of Family in Managing Financial Stress and
Economic Hardship
Kobra. Asadi1, Zahra. Yousefi2,3 , Kamdin. Parsakia3*
1 Department of Clinical Psychology, Isfahan Branch (Khorasgan), Islamic Azad University, Isfahan, Iran
2 Assistant Professor, Department of Clinical Psychology, Isfahan Branch (Khorasgan), Islamic Azad University, Isfahan, Iran
3 Department of Psychology and Counseling, KMAN Research Institute, Richmond Hill, Ontario, Canada
* Corresponding author email address: kamdinparsakia@kmanresce.ca
A r t i c l e I n f o
A B S T R A C T
Article type:
Original Research
How to cite this article:
Asadi, K., Yousefi, Z., & Parsakia, K
(2024). The Role of Family in Managing
Financial Stress and Economic Hardship.
Journal of Psychosociological Research
in Family and Culture, 2(3), 11-19.
https://doi.org/10.61838/kman.jprfc.2.3.3
© 2024 the authors. Published by KMAN
Publication Inc. (KMANPUB), Ontario,
Canada. This is an open access article
under the terms of the Creative Commons
Attribution-NonCommercial 4.0
International (CC BY-NC 4.0) License.
Objective: This study aims to explore the role of family dynamics in managing
financial stress and economic hardship. By examining how families navigate these
challenges through various strategies and coping mechanisms, the research seeks to
provide a deeper understanding of the impact of economic hardship on family
relationships and individual well-being.
Methods: A qualitative research design was employed, utilizing semi-structured
interviews to collect data from 20 participants. Participants were selected through
purposive sampling to ensure diverse perspectives. Data were analyzed using NVivo
software, with thematic analysis guiding the identification and categorization of key
themes. Theoretical saturation was reached, ensuring comprehensive coverage of
the participants' experiences.
Results: The study identified three main themes: family roles and responsibilities,
coping strategies for financial stress, and the impact on family dynamics. Families
adopted joint decision-making, budget creation, and income pooling to manage
finances. Emotional and practical support were vital coping mechanisms, with open
communication and resource sharing being prominent strategies. Economic
hardship led to changes in family relationships and significant impacts on mental
health, particularly for parents and children.
Conclusion: Family dynamics play a critical role in managing financial stress and
economic hardship. Effective financial management, open communication, and
supportive relationships are essential for mitigating the adverse effects of economic
pressure. The findings underscore the need for targeted interventions and support
systems to help families navigate economic challenges and maintain their well-
being.
Keywords: Financial stress, economic hardship, family dynamics, coping strategies, mental
health, financial management, family relationships, support systems.
E-ISSN: 3041-8550
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1 Introduction
conomic hardship can profoundly impact family
dynamics, influencing how families interact, make
decisions, and support one another. Conger and Donnellan
(2007) emphasize that socioeconomic context significantly
affects human development, suggesting that financial stress
can alter family roles and responsibilities (Conger &
Donnellan, 2007). Similarly, Conger et al. (1992) introduced
the Family Process Model, which illustrates how economic
hardship can lead to emotional distress and maladaptive
family interactions, ultimately affecting children's
adjustment and development (Conger et al., 1992). This
model has been further expanded in subsequent studies to
understand its applicability across different populations and
contexts (Conger et al., 1994; Conger et al., 2002).
Azzara, Simanjuntak, and Puspitawati (2022)
investigated the influence of religiosity, economic pressure,
financial management, and stress levels on family quality of
life during the COVID-19 pandemic in Indonesia. They
found that strong family bonds and effective financial
management practices can mitigate the adverse effects of
economic pressure (Azzara et al., 2022). This aligns with the
findings of Morgan, Lim, and Washburn-Busk (2021), who
explored financial stress and financial management roles
within couples, revealing that open communication and
shared financial responsibilities can reduce financial
disagreements and stress (Morgan et al., 2021).
Families employ various strategies to cope with financial
stress, ranging from emotional and practical support to
adaptive financial behaviors. Eunyoung and DeVaney
(2010) examined how families manage economic hardship,
highlighting the importance of resourcefulness and
adaptability. They found that families who communicated
openly and shared responsibilities were better equipped to
handle financial stress (Eunyoung & DeVaney, 2010).
Similarly, Ishii-Kuntz et al. (2009) studied Asian American
families, finding that cultural values and community support
played crucial roles in their adaptation to economic hardship
(Ishii-Kuntz et al., 2009).
External assistance is another critical aspect of coping
with financial stress. Lucero, Lim, and Santiago (2016)
discussed how changes in economic hardship correlate with
intimate partner violence, underlining the importance of
external support systems in mitigating such risks (Lucero et
al., 2016). Jayasekara, Fernando, and Ranjani (2020)
conducted a systematic literature review on the financial
stress of small and medium entrepreneurs, emphasizing the
role of government aid and community support networks in
alleviating financial pressures (Jayasekara et al., 2020).
Economic hardship can significantly impact family
relationships and individual development, particularly for
children and adolescents. Schenck-Fontaine and Panico
(2019) explored three dimensions of economic hardship and
their combinations, demonstrating how different types of
poverty can lead to behavioral problems in children
(Schenck‐Fontaine & Panico, 2019). Jeon and Neppl (2016)
investigated intergenerational continuity in economic
hardship, highlighting how positive parenting and parental
positivity can buffer the adverse effects on child behavior
(Jeon & Neppl, 2016).
Wen, Goh, and Mol (2022) examined the trajectories of
perceived economic hardship and its relations with mental
health, emphasizing the role of self-esteem in mediating
these effects. They found that both mothers' and children's
mental health were adversely affected by prolonged
economic stress, with self-esteem acting as a crucial
protective factor (Wen et al., 2022). Similarly, Pulgar et al.
(2015) focused on Latino farmworker families, finding that
economic hardship was strongly associated with depression
among women, underlining the need for mental health
interventions and support (Pulgar et al., 2015).
Several theoretical frameworks and models have been
developed to understand the relationship between economic
hardship and family dynamics. The Family Stress Model
(Conger et al., 1994) is one such framework that explains
how economic pressure can lead to parental stress, resulting
in coercive family processes and developmental problems in
adolescents. This model has been tested and validated in
various cultural contexts, including African American
families (Conger et al., 2002) and Chinese American
families (Mistry et al., 2009; Zhang et al., 2020).
The interactionist perspective on the socioeconomic
context of human development, as discussed by Conger and
Donnellan (2007), further provides a comprehensive
understanding of how economic conditions shape family
interactions and individual outcomes. This perspective
emphasizes the dynamic interplay between economic
conditions, family processes, and developmental outcomes
(Conger & Donnellan, 2007).
The COVID-19 pandemic has exacerbated economic
hardships for many families, highlighting the need for
effective coping strategies and support systems. Azzara,
Simanjuntak, and Puspitawati (2022) found that families
with strong religiosity and effective financial management
practices were better able to maintain their quality of life
E
Asadi et al. Journal of Psychosociological Research in Family and Culture 2:3 (2024) 11-19
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during the pandemic (Azzara et al., 2022). Lee et al. (2022)
investigated the pathways from economic hardship to couple
conflict during COVID-19 in Korea, finding that
socioeconomic status played a significant role in moderating
these effects (Lee et al., 2022).
Wickrama et al. (2010) studied the dynamics of family
economic hardship and the progression of health problems
during the middle years, emphasizing the long-term health
implications of prolonged economic stress. Their findings
highlight the need for comprehensive support systems to
mitigate the adverse effects of economic hardship on health
and well-being (Wickrama et al., 2010).
In summary, the literature underscores the critical role of
family dynamics in managing financial stress and economic
hardship. Effective financial management, open
communication, and shared responsibilities are essential for
mitigating the adverse effects of economic pressure. Coping
strategies, including emotional and practical support,
adaptive financial behaviors, and external assistance, play
crucial roles in helping families navigate economic
challenges. This study aims to explore the role of family
dynamics in managing financial stress and economic
hardship, employing a qualitative approach to gain a deeper
understanding of these experiences.
2 Methods and Materials
2.1 Study Design and Participants
This study employs a qualitative research design to
explore the role of family in managing financial stress and
economic hardship. A qualitative approach is chosen to gain
an in-depth understanding of the experiences, perceptions,
and strategies employed by families facing financial
challenges. The research focuses on gathering rich, detailed
data through semi-structured interviews, enabling a nuanced
analysis of the familial dynamics and coping mechanisms.
Participants were selected through purposive sampling to
ensure a diverse range of experiences and perspectives.
Criteria for inclusion were as follows:
Families experiencing financial stress or economic
hardship.
Participants aged 18 and above who are actively involved
in family financial management.
Willingness to share personal experiences and insights
during the interview.
Recruitment was conducted through community
organizations, social media, and word-of-mouth referrals.
Efforts were made to include participants from various
socioeconomic backgrounds, family structures, and
geographic locations to ensure a representative sample.
The principle of theoretical saturation guided the data
collection process. Interviews continued until no new
themes or insights emerged, indicating that saturation had
been reached. This ensured that the data collected was
comprehensive and sufficient to draw meaningful
conclusions about the role of family in managing financial
stress and economic hardship.
2.2 Measures
2.2.1 Semi-Structured Interview
Data collection was conducted using semi-structured
interviews, which provided the flexibility to explore specific
themes while allowing participants to share their experiences
in their own words. This method facilitated a comprehensive
understanding of how families navigate financial stress and
economic hardship.
Interviews were conducted in-person or via video
conferencing platforms, depending on participant preference
and logistical feasibility. Each interview lasted
approximately 60 to 90 minutes. An interview guide was
used to ensure consistency across interviews while allowing
flexibility to probe deeper into specific areas of interest. Key
topics included:
Family roles and responsibilities in financial
management.
Strategies for coping with financial stress.
Impact of economic hardship on family relationships.
Support systems and resources utilized.
2.3 Data Analysis
Data analysis was carried out using NVivo software,
which facilitated the organization, coding, and analysis of
the qualitative data. Thematic analysis was employed to
identify, analyze, and report patterns within the data. The
process involved several steps:
Transcription: Interviews were transcribed verbatim to
ensure accuracy and immersion in the data.
Initial Coding: Transcripts were read multiple times, and
initial codes were generated based on significant statements
and recurring themes.
Focused Coding: Codes were refined and categorized into
broader themes that captured the essence of the participants'
experiences.
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Thematic Development: Themes were further developed
and interconnected to form a coherent narrative that
addressed the research questions.
3 Findings and Results
The study included 20 participants who represented a
diverse range of backgrounds and experiences. The majority
of participants were female (60%, n=12), with the remaining
40% (n=8) being male. Participants' ages ranged from 25 to
55 years, with a mean age of 38. Most participants were
married (70%, n=14), while the rest were either single (20%,
n=4) or divorced (10%, n=2). In terms of educational
attainment, 40% (n=8) had a high school diploma, 35%
(n=7) held a bachelor’s degree, and 25% (n=5) had
completed some form of postgraduate education. The
participants came from various occupational backgrounds,
including service industry workers (30%, n=6),
administrative roles (25%, n=5), professional sectors (20%,
n=4), and unemployed individuals (25%, n=5). The
household income levels varied, with 50% (n=10) earning
below $40,000 annually, 35% (n=7) earning between
$40,000 and $80,000, and 15% (n=3) earning above
$80,000.
Table 1
Themes, Subthemes, and Concepts
Category
Subcategory
Concepts (Open Codes)
1. Family Roles and
Responsibilities
1.1 Financial Decision-Making
Joint decision-making, Dominant decision-maker, Consultation with extended
family
1.2 Budgeting and Spending
Budget creation, Tracking expenses, Spending priorities
1.3 Income Management
Income pooling, Individual income control, Supplementary income sources
1.4 Conflict Resolution
Financial disputes, Mediation strategies, Role of external advisors
1.5 Education and Financial
Literacy
Financial education within the family, Teaching children about money, Learning
from mistakes
2. Coping Strategies for
Financial Stress
2.1 Emotional Support
Open communication, Emotional reassurance, Stress management techniques
2.2 Practical Support
Sharing household chores, Collective problem-solving, Resource sharing
2.3 Adaptive Financial
Behaviors
Cutting down expenses, Seeking additional income, Utilizing savings
2.4 External Assistance
Government aid, Nonprofit organizations, Community support networks
3. Impact on Family Dynamics
3.1 Changes in Family
Relationships
Strengthened bonds, Increased tensions, Role reversals
3.2 Mental Health and Well-
being
Anxiety and depression, Resilience development, Health interventions
3.3 Child and Adolescent
Development
Children's awareness of financial issues, Impact on education, Behavioral
changes
3.4 Role of Extended Family
Financial support from relatives, Emotional support from relatives, Involvement
in family decisions
3.5 Long-term Family
Strategies
Long-term financial planning, Generational wealth management, Future-oriented
communication
3.6 Social and Recreational
Activities
Changes in social activities, Adaptation of recreational activities, Impact on
family bonding through leisure
3.1 Family Roles and Responsibilities
3.1.1 Financial Decision-Making
Families often adopt various decision-making processes
to manage finances effectively. Joint decision-making was a
common approach, with one participant noting, "We always
discuss big purchases together to make sure we're on the
same page." In some cases, one family member, typically the
primary breadwinner, took on a dominant decision-maker
role. Additionally, consultation with extended family was
sometimes sought for significant financial decisions, as
another participant shared, "We often talk to my parents
before making any major investments."
3.1.2 Budgeting and Spending
Creating and maintaining a budget was essential for
managing limited resources. Participants frequently
mentioned the importance of budget creation, with one
stating, "We have a strict monthly budget that we try to stick
to." Tracking expenses was also emphasized, with families
regularly monitoring their spending to avoid overspending.
Prioritizing essential expenses over discretionary spending
was a common strategy, as illustrated by a participant's
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comment, "We focus on necessities first, then see if there's
anything left for extras."
Income Management
Income management strategies varied, with some
families pooling their income to manage expenses
collectively. One interviewee explained, "We combine our
incomes to ensure all bills are paid on time." Others
maintained individual income control to allow for personal
spending autonomy. Families also sought supplementary
income sources, such as part-time jobs or freelance work, to
increase their financial stability.
3.1.3 Conflict Resolution
Financial stress often led to disputes, requiring effective
conflict resolution strategies. Participants described various
approaches to handling financial disputes, including open
discussions and compromise. Mediation strategies, such as
involving a neutral third party, were also employed. In some
cases, external advisors, like financial counselors, were
consulted to help resolve conflicts, as one person mentioned,
"We saw a financial advisor to help us work through our
disagreements."
3.1.4 Education and Financial Literacy
Educating family members about financial management
was seen as crucial. Families made efforts to provide
financial education within the household, teaching children
about money management from an early age. One parent
shared, "We try to involve our kids in budgeting to teach
them the value of money." Learning from past mistakes was
also a key aspect, with families adjusting their strategies
based on previous financial missteps.
3.2 Coping Strategies for Financial Stress
3.2.1 Emotional Support
Providing emotional support was vital in managing
financial stress. Open communication within the family
helped members share their concerns and reduce anxiety.
One participant noted, "Talking about our worries helps us
feel less alone." Emotional reassurance from family
members also played a significant role in coping, along with
stress management techniques such as relaxation exercises
and mindfulness practices.
3.2.2 Practical Support
Practical support included sharing household chores and
collective problem-solving. Families worked together to
manage daily tasks, easing the overall burden. One
individual mentioned, "We split household duties to make
things more manageable." Resource sharing, such as lending
money or sharing food, was another practical support
strategy that helped alleviate financial pressures.
3.2.3 Adaptive Financial Behaviors
Families adopted various adaptive financial behaviors to
cope with economic hardship. Cutting down on expenses
was a common strategy, with one interviewee stating, "We
have reduced our spending on non-essentials significantly."
Seeking additional income through part-time work or side
businesses was also prevalent. Utilizing savings to cover
urgent needs was another adaptive behavior highlighted by
participants.
3.2.4 External Assistance
Many families turned to external assistance to manage
their financial difficulties. Government aid programs were a
critical resource, as one participant shared, "We rely on food
stamps to get by." Nonprofit organizations and community
support networks provided additional help, offering
resources such as food banks and financial counseling
services.
3.3 Impact on Family Dynamics
3.3.1 Changes in Family Relationships
Economic hardship often led to significant changes in
family relationships. While some families experienced
strengthened bonds due to collective problem-solving,
others faced increased tensions and conflicts. One
participant explained, "We've become closer because we
have to support each other more." Conversely, role reversals,
where children or other family members took on greater
responsibilities, sometimes caused strain.
3.3.2 Mental Health and Well-being
Financial stress had a profound impact on mental health
and well-being. Many participants reported experiencing
anxiety and depression due to economic pressures. However,
some families developed resilience, finding ways to cope
and support each other. Health interventions, such as therapy
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or counseling, were also sought to address mental health
issues, with one interviewee stating, "Therapy has helped us
deal with the stress better."
3.3.3 Child and Adolescent Development
Children's awareness of financial issues often influenced
their behavior and development. Participants noted that their
children became more conscious of money and its value. The
impact on education was significant, with some families
unable to afford extracurricular activities or higher education
costs. Behavioral changes, such as increased responsibility
or anxiety in children, were also observed.
3.3.4 Role of Extended Family
Extended family members played a crucial role in
providing both financial and emotional support. Financial
support from relatives, such as loans or gifts, helped families
manage immediate needs. Emotional support from extended
family members, including advice and moral support, was
also important. One participant mentioned, "My sister has
been a great help, both financially and emotionally."
3.3.5 Long-term Family Strategies
Families developed long-term strategies to ensure
financial stability and plan for the future. Long-term
financial planning, including saving for emergencies and
future expenses, was emphasized. Generational wealth
management, such as investing in property or education for
future generations, was also a priority. Future-oriented
communication within the family helped in setting goals and
preparing for potential challenges.
3.3.6 Social and Recreational Activities
Economic hardship impacted families' social and
recreational activities. Changes in social activities, such as
fewer outings and social gatherings, were common. Families
adapted by finding cost-effective ways to spend time
together, such as home-based recreational activities. The
impact on family bonding through leisure activities was
significant, with one participant noting, "We spend more
time at home, but we try to make it enjoyable for everyone."
4 Discussion and Conclusion
The findings of this study underscore the crucial role of
family dynamics in managing financial stress and economic
hardship. Through semi-structured interviews, several key
themes emerged, highlighting how families navigate these
challenges by adjusting their roles and responsibilities,
employing various coping strategies, and addressing the
impact on family relationships and individual well-being.
The study revealed that families often engage in joint
decision-making, budget creation, and income pooling as
primary strategies to manage financial stress. These
practices align with the findings of Morgan, Lim, and
Washburn-Busk (2021), who emphasized the importance of
shared financial responsibilities in reducing financial
disagreements and stress within couples. By pooling
resources and making collective decisions, families can
better manage their limited financial resources and minimize
conflicts (Morgan et al., 2021).
Furthermore, the emphasis on educating family members
about financial management and involving children in
budgeting aligns with the observations of Conger et al.
(1992), who noted that proactive financial education within
the family can lead to better adjustment and reduced stress.
This practice not only prepares children for future financial
responsibilities but also fosters a sense of shared
accountability and resilience within the family unit (Conger
et al., 1992).
Emotional and practical support emerged as vital coping
mechanisms in this study. Families relied on open
communication and emotional reassurance to mitigate the
psychological impact of financial stress. This finding is
consistent with Eunyoung and DeVaney (2010), who found
that open communication and emotional support within the
family are crucial for coping with economic hardship. The
presence of a supportive family environment can
significantly buffer the negative effects of financial stress,
enhancing overall family well-being (Eunyoung &
DeVaney, 2010).
Practical support, such as sharing household chores and
collective problem-solving, also played a significant role in
managing financial stress. This adaptive behavior resonates
with the findings of Ishii-Kuntz et al. (2009), who
highlighted the importance of resource sharing and
collective efforts in helping families adapt to economic
challenges. By working together and pooling their resources,
families can effectively reduce the burden of financial stress
(Ishii-Kuntz et al., 2009).
Economic hardship often led to changes in family
relationships, with some families experiencing strengthened
bonds while others faced increased tensions and conflicts.
This dual impact is reflective of the findings of Schenck-
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Fontaine and Panico (2019), who noted that different
dimensions of economic hardship can lead to varying
outcomes in family dynamics. Families that successfully
navigated financial stress often did so by fostering resilience
and maintaining open lines of communication, which helped
mitigate the negative effects on relationships (Schenck‐
Fontaine & Panico, 2019).
The study also highlighted the significant impact of
financial stress on mental health, particularly among parents
and children. This is consistent with the findings of Wen,
Goh, and Mol (2022), who emphasized the adverse effects
of prolonged economic hardship on mental health and the
crucial role of self-esteem in mediating these effects. The
mental health implications of financial stress underscore the
need for comprehensive support systems and interventions
to help families cope with these challenges (Wen et al.,
2022).
This study, while providing valuable insights, has several
limitations. Firstly, the sample size of 20 participants may
not be representative of the broader population, limiting the
generalizability of the findings. The qualitative nature of the
study, while rich in detail, also means that the results cannot
be generalized to all families experiencing financial stress.
Additionally, the reliance on self-reported data introduces
the possibility of response bias, where participants may have
presented their situations more positively or negatively than
they are in reality.
Another limitation is the cross-sectional design of the
study, which captures the experiences and coping strategies
of families at a single point in time. Longitudinal studies are
needed to understand how families' coping strategies and
financial management practices evolve over time in response
to prolonged economic hardship.
Future research should consider expanding the sample
size and diversity to include families from various
socioeconomic backgrounds, regions, and cultural contexts.
This would enhance the generalizability of the findings and
provide a more comprehensive understanding of how
different families manage financial stress. Additionally,
incorporating quantitative methods alongside qualitative
interviews could offer a more holistic view of the impact of
financial stress on families.
Longitudinal studies are particularly important for
examining the long-term effects of economic hardship on
family dynamics and individual well-being. By tracking
families over time, researchers can identify patterns and
changes in coping strategies, financial management
practices, and mental health outcomes. This would provide
valuable insights into the resilience and adaptability of
families facing prolonged economic challenges.
Moreover, future research should explore the role of
external support systems, such as government aid, nonprofit
organizations, and community support networks, in helping
families cope with financial stress. Understanding the
effectiveness of these resources can inform policy and
program development aimed at supporting families in need.
The findings of this study have several practical
implications for professionals working with families
experiencing financial stress. Financial counselors, social
workers, and mental health professionals can play a crucial
role in supporting these families by promoting open
communication and shared financial responsibilities.
Encouraging families to engage in joint decision-making and
budget creation can help reduce financial disagreements and
foster a sense of shared accountability.
Educational programs aimed at enhancing financial
literacy within families are also essential. By providing
parents and children with the knowledge and skills to
manage their finances effectively, these programs can help
families navigate financial challenges more successfully.
Schools and community organizations can play a pivotal role
in delivering these educational initiatives.
Mental health interventions should also be prioritized,
particularly for parents and children experiencing significant
psychological distress due to financial stress. Counseling
and therapy can provide essential emotional support and
coping strategies, helping families maintain their mental
health and well-being. Community support networks and
peer support groups can also offer valuable emotional and
practical assistance, fostering a sense of community and
collective resilience.
Finally, policymakers should consider developing and
enhancing social safety nets and support programs aimed at
alleviating financial stress for vulnerable families. By
providing financial assistance, access to affordable
healthcare, and employment opportunities, policymakers
can help reduce the burden of economic hardship and
support families in achieving long-term stability and well-
being.
In conclusion, this study highlights the critical role of
family dynamics in managing financial stress and economic
hardship. Through effective financial management, open
communication, and supportive relationships, families can
navigate economic challenges and maintain their well-being.
Future research should continue to explore these dynamics,
Asadi et al. Journal of Psychosociological Research in Family and Culture 2:3 (2024) 11-19
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providing valuable insights to inform policy and practice
aimed at supporting families in distress.
Authors’ Contributions
Authors contributed equally to this article.
Declaration
In order to correct and improve the academic writing of
our paper, we have used the language model ChatGPT.
Transparency Statement
Data are available for research purposes upon reasonable
request to the corresponding author.
Acknowledgments
We would like to express our gratitude to all individuals
helped us to do the project.
Declaration of Interest
The authors report no conflict of interest.
Funding
According to the authors, this article has no financial
support.
Ethics Considerations
The study protocol adhered to the principles outlined in
the Helsinki Declaration, which provides guidelines for
ethical research involving human participants.
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