K. Esther Szabo was a small child when the recession of the early 1970s sent her family's fortunes into a tailspin. Her father, an economist, struggled to find work, and her mother worried about paying the bills. The family eventually filed bankruptcy.
The tensions at home put a permanent mark on Ms. Szabo. To help her family, she started working at age 8, doing chores for neighbors, and has been working ever since. When a personal-finance class in college introduced her to the idea that calamities like the one that crippled her family could be avoided with careful planning, she found the idea "mind-blowing," she says. She now co-owns a Los Altos, Calif., financial-planning firm.
In this current recession, we may be creating a new generation of Ms. Szabos. Economic downturns leave enduring marks on the career prospects and aspirations of children. Some youngsters will face lasting setbacks, while others will emerge more focused and motivated, based on studies of past recessions. The outcome depends partly on a child's age, on the example set by parents, and on whether young people can be empowered somehow to help their families through the crisis.
Continue Reading: “How Growing Up in a Recession Can Shape a Child’s Future”
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