Research from the comparison site comparethemarket.com.au reveals up to 60 per cent of Australians are concerned about their ability to support their families, with one in four claiming they were unable to save between $100 and $300 a month.

These figures are alarming as the domestic economy still struggles to emerge from the effects of the credit squeeze bought about by the Global Financial Crisis and the slow-down of the mining sector.

2014-budgetThe recent federal Budget, with it’s emphasis on fiscal responsibility, has only added to the uncertainty.

“People should be saving as much as they realistically can,” said Abigail Koch, from comparethemarket.com.au. “There’s pressure on household budgets at the moment, but you never know what is around the corner.”

Noticeably, the report found that three in five people surveyed are prepared to go without so that their children could have what they wanted. This has several consequences:

First, it rewards the child for wearing away at the adult to get what it wants. The child learns nothing about responsibility (theirs or their parent’s), nothing about how to prioritise their wants, and nothing about saving itself.

Second, it rewards businesses for catering their marketing towards children. Owing to their youth and inexperience children are not as able to deconstruct advertising as older people. They are therefore ready targets for advertisers who know their messages will find a receptive audience.

Third, there is a growing body of evidence that sacrifices made by parents, no matter how well-meaning, rankle those who go without. Whether or not the sacrifice is used against the child at some later date, it can affect the course of the relationship in subtle ways

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