Money is a medium of exchange that is widely accepted in transactions for goods and services. The main purpose of money is to simplify and facilitate trade and has evolved over time with technology such as the rise of online currencies. Money is often described as making the world go round and is at the forefront of almost every major decision we make and dictates our quality of life, mood, and status.
With the constant rise of living costs and major concern throughout the country being the cost-of-living crisis and as it is getting worse by the day more children are at risk of being pulled into poverty with more than one in four of all children in the UK now living in poverty and is having a knock-on effect on their upbringing, this article will be looking at the effect of money on people’s upbringing.
Money has a significant impact on people’s lives, both positively and negatively and can affect lives in ways such as,
1. Access to necessities
2. Quality of life
3. Stress and anxiety
4. Career and job satisfaction
5. Relationships and family dynamics
When looking at how money has an effect on upbringing, it can influence the resources and opportunities available and results and impacts ways that include,
1. Living conditions - The amount of money a family has will have a major effect on the living conditions to be bought up in, this includes the neighbourhood where they situate, the size and condition of the house and access to standard necessities such as healthcare, food and clothing and transport which we all need to be able to be bought up properly.
2. Education - Money can have a major impact on a child’s education, families with more financial resources will be able to afford private schools, school trips, specialized classes and finally extra-curricular activities leading to those with less money less opportunities yet could build a harder work ethic as they haven't been handed everything and understand the importance of education or work values.
3. Family Stability - Money is also known to have an impact on a family’s stability. Financial stress can often lead to conflict and tension due to the pressure on the family to provide each other, while having money can provide a sense of security and support leading to a more positive upbringing feeling more supported and allowing mistakes to grow instead of the constant pressure and struggles.
4. Social and Cultural Experiences - Money can open more opportunities to children affecting their moods and behaviours and can open more doors to explore new places, understand different cultures helping them understand and learn more.
Yet money is always everything with upbringing, children within families with money may miss out on learning important life skills, such as budgeting, saving, and managing money wisely as they have never had to think or worry about money. If a family have limited resources, children may learn valuable lessons about the value of money and hard work leading to a more successful future with them developing a strong work ethic and appreciation.
Can money buy happiness is an argument often used when discuss its effect on upbringing as we have previously discussed the physical effect on a child looking at their surroundings and opportunities yet can money buy happiness and a better emotional upbringings, money can have an impact of happiness but does not guarantee it, studies have shown that once basic needs have been met such as food and shelter additional income does not correspond with happiness and our relationships with others and overall well-being have a direct correspondent with our happiness. Achieving happiness looks at all aspects of a person’s life which can be provided through all upbringings.
Looking back money can have both a positive and negative impact on a child’s upbringing and the effect it can have throughout their life, money should not be the sole focus or goal in life in which relationships and memories are more important in which money can help achieve this providing a further sense of security, ultimately money provides more stability in an upbringing and can open more avenues yet money doesn’t provide everything and doesn’t guarantee success it’s all about the mentality and work values of the child.