Parents admit that raising a family is often a difficult job, and it has gotten tougher in recent years. Some reasons:
· Inflation: Families saw a 3.5% inflation rate increase from the same time the year before, according to a March 2024 Consumer Price Index summary from the Bureau of Labor Statistics. Shelter and gasoline accounted for half of the rise, according to the report.
· Retirement Savings: Saving for retirement is a financial challenge for families in 2024. A Pew Research Center survey released in 2024, showed 65% of Americans living paycheck to paycheck, making the financial goal of retirement savings difficult.
· Debt: American families amassed household debts of $17.5 trillion by the end of 2023. More than ever, families face difficult decisions daily, monthly, and year after year, to try and figure out how to stretch their income.
Americans also are more pessimistic than optimistic about the institution of marriage and the family, according to a Pew survey on the future of the family.
Overall, 40% say they are very or somewhat pessimistic, while 25% are very or somewhat optimistic, according to the survey.
August is Family Month – a good time to look at parenting strategies and develop a plan.
Cooper Levenson is a full-service law firm established in 1957. Cynthia N. Grob, Esq., a partner with nearly 20 years of experience in family law, can be reached at cgrob@cooperlevenson.com or by calling 856-857-5538.
