SEC17 WK:#4: The effects of economic hardship on families
Hello friends, economic hardship is something that we are all involved in all around the world. It's not something that is particular to a nation. But the truth is that we must learn how to adjust ourselves till the trying times are over.
I will be explaining economic hardship in three categories which will give us a better understanding of the subject matter. First of all,I will be discussing the causes of economic hardship,the effects of economic hardship and how to manage economic hardship amongst families
➡️What is economic hardship?
In a simple sentence, economic hardship is the inability of families or individuals to afford basic life needs such as food, shelter,and clothes. This means that, when one cannot afford the little things that makes life worth living,then he/she is facing economic hardship.
▶️Covid19 outbreak
The outbreak of this pandemic till date has resulted to low access to basis needs and loss of jobs. A high rate of households reported income loss since mid-march 2020 as most households experienced total decrease in their income.
It is not news that economic hardship has led to increase in suicide rates, taking my country Nigeria for example,a family member of a family close to where I stay hanged himself due to inability to take care of his family.
▶️Corruption
Corruption is another major cause of economic hardship. Corruption is all over the world. When people who are entrusted with the nations treasury choose to embezzle public funds thereby puting the masses in perpetual suffering.
▶️Unemployment
When people are meaningfully engaged, there's every tendency that the economic hardship will not bite hard on the people. But if the reverse is the case, then be ready for hardship. The unemployment rate in my country (Nigeria) have led to the reduction of the purchasing power of people which did not match the inflation rate ignited by the removal of oil subsidy.
Economic hardship has a profound impact on family Dynamics and can also result in the breakdown of relationships. This in turn can lead to trauma for children, which then puts children at a greater risk of developing behavior problems, mental disorders and physical health issues.
Researchs have shown that growing up in an in an economically disadvantaged households places children at a high risk of adjustment disorders. The economic hardship effects on families can be cyclical and intergenerational in nature, being felt by many generations to come.
Generally speaking, economic hardship has been found by many reachers to affect well-being,and individuals with economic difficulties suffer from lower levels of well-being statistically depending on their life experiences and support networks
➡️Prioritise necessities
To scale through hard times,one must distinguish between essential needs and discretionary wants. Focus on fulfilling your basic needs before indulging in non-essential purchases. This shift in mindset can lead to more deliberate spending choices.
➡️Diversification
Spread investments across various stock's, Bond's and funds to balance risk. Though it's not advisable to invest in everything, diversification minimises the impact of underperforming investments.
➡️Savings
Savings have been described as a financial stabilizer, given their potential to Carter for urgent needs and create opportunities for investments. Savings have more value when they grow faster than the rate of inflation.
➡️Budgeting
Budgeting is very important,it is germane to financial freedom. It is the most effective method to monitor income and expenditure. Personal budgets can help you monitor your resources in pursuit of larger financial goal's.
With these and many more strategies can help one overcome challenges that comes with economic hardship. And I pray the world to be a better place some day
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You explained your financial difficulties very well. Your presentation was really wonderful. And you have also explained the effects of economic difficulties separately. It is divided into three categories and well explained. You have written a quality post. I wish you all the best.
Thanks for the review
Unemployment is biggest reason of hardship in any country. Now people have to learn skills of they want good job because you can not fight against corruption, it is country's root. Only good source of income will save you.
Only good source of income is the way out
Yes, This is only solution to come out of this problem. I have posted my entry and if you will leave your feedback so it will be glad feeling 🙂
Greetings,
This economic meltdown has made the income of workers become useless in the sight of billings. Imagine billing becoming greater than the income itself.
How can an employee spend 70% of his or her income on Transportation. At this point, what will that individual have to survive? I hope this issue should be looked into thoroughly. Good luck on your entry.
It's no longer funny,we keep believing though.
This situation is no respecta of country. It ravages more of country's that emits either bad policies or mared by bad leadership or politicians. We may want to undermine the effects of this by not knowing of this complicated effects on everyone. It affects both the rich and poor. The poor become a nussiance to the society by casing unrest which also put the rich at risk. The mental and psychological disorders from hardships are better imagined. Success to you.
It's very bad. But we keep believing for everything to get better soon.
Definitely bad. Holding our governments and leaders accountable should be the first point of call. Policies that people people-oriented would handle most of these shortcomings that families face