Project

SOL322

Imad S. Salha - 20191975

Fr. Akram El Khoury

Family: Socio Perspectives

Financial issues faced by families

Outline:

II. Environmental factors that leads to Financial struggles

1. COVID-19 Pandemic

2. Economy

III. Inner family factors that lead to financial struggles

1. Early Marriage

2. Having kids

3. Increased debt and Money mismanagement

4. Drug and alcohol abuse/addiction

5. Uneducated Parents

IV. Financial struggles faced by different types of families

1. Homosexual Parents Family

2. Single Parent family (both male and female)

3. Grandparent Family

4. Teenage parents

V. Effects of Financial struggles on the family and its members

1. Divorce and separation of siblings

2. Mental health issues

3. Increased rates of suicide within family members

4. Kids moving out and/or working earlier than usual

 5. Less educated kids

II. Environmental factors that leads to Financial struggles

1. COVID-19 Pandemic

Starting November of last year, a novel virus hit China spreading all over the world, thus

declared as a pandemic by the World Health Organization on the eleventh of March. The virus is

highly contagious; consequently, governments decided to lockdown their countries. Businesses

had to reduce their operation and their staff. leading to higher unemployment rates.

2. Economy:

By the end of last year Lebanon started facing a decline in its economy, the lira rate went

from 1500 to 900 = 1 USD, the banks stopped giving people their money and unemployment

rose up dramatically. Dily household items increased dramatically making it hard for a

family to be self-sufficient.

III. Inner family factors that lead to financial struggles

1. Early Marriage

Early marriage in most cases are forced by society, these early marriages are decreasing as time

passes. Theses marriages happens when the couple are married in their teen years. These people
will sometimes have to give up their education for the marriage, thus no degree, less job

opportunity.

2. Having kids

Having kids is a responsibility for parents. Prior to having that decision to have kids, parents

should make sure that they have a stable job, saved enough money, and are physically and

mentally capable. However, some couples decide to have kids prior to being financially

adequate, furthermore some women get pregnant by mistake without a financial plan. Having

kids is an important commitment, parents need to raise their kids to understand that they can’t

get everything they want. Parents must reason with their kids logically. When they grow put

these kids will have to peruse university level education; and in our culture it is always the

parents who pay, and with the current crisis fees are getting higher thus, some parents are selling

their houses to educate their kids.

3. Increased debt and Money mismanagement

Some parents take a financial risk to take a loan that they might not be able to pay back. Over

time the banks will ask for its money back, and this may lead to financial cuts on kids’

equipment, education, and living necessities. This is why in western societies parents leave a

trust fund for their kids. Other examples of money mismanagement is when parent waste their

money on. Gambling, these parents are completely irresponsible and putting their kids in a form

of financial burden. Some of these gambling may lead to violence and put the life of the child at

risk.

4. Drug and alcohol abuse/addiction

Some parents may have an addiction, the addiction can be costly for the parents, especially if it is

a drug addiction and they may prefer to pay for drugs rather than for their child’s needs.

Furthermore, these addictions can lead to poor financial decisions when they’re high.

5. Uneducated Parents

These parents do not have an education; thus, their knowledge level is stuck in a limited position.

These parents are paid less than a graduate in a similar position furthermore, some of them are

not even accepted for employment. Moreover, their lack of education may lead them to take poor

financial decisions. This is why raising an educated generation is important for a better future.

IV. Financial struggles faced by different types of families

1. Homosexual Parents Family

LGBTQ+ parents are discriminated against. They are payed less and sometimes fired. Especially

for lesbian women who have the burden of the wage gap and the fact that they are parents in a

homosexual environment.

2. Single Parent family (both male and female)

Single parents face trouble raising their kids and keeping a job; especially women with

the current pay gap between them and men. These single parents have to rely on one

salary unlike having two parents working. This salary in most cases is not sufficient for

day-to-day expenses. Furthermore, single parenting leads to more absence form the job

thus there will be salary reductions.

 4. Grandparent Family

Grand parent families tend to have the burden of age of the grandparents who are raising a child.

These grandparents may not be able to work and raise an adequate salary for raising their

grandchild ad they may be sick, have lack of updated knowledge, etc...

5. Teenage Parent family:

This is when a teenager gets pregnant; and it is increasing nowadays. Some of these teenagers

are disowned by their parents thus they will have to provide for their kids. As they are teenagers,

they won’t be able to provide an adequate salary to raise a child.

V. Effects of Financial struggles on the family and its members

1. Divorce and separation of siblings

Due to financial frustrations, especially where a man is abusing g drugs and alcohol, a woman

may go through the divorce route so that she could get a way out. Some might leave their kids

behind, giving them separation anxiety and attachment issues. Furthermore, if a family was

divorced and the kids were distributed by law, some kids will develop those issues, and might get

jealous of each other for living with the parent who provides better for them.

2. Mental health issues

Psychologically speaking, divorce can cause trauma for kids, separation anxiety, depression, and

many other disorders, thaw ill negatively affect their adulthood. Furthermore, parents will have

mental health issues, they might feel stuck in a situation, which can lead to depression. Parents
may feel that they are not good enough parents which will give them anxiety at every financial

decision they make. Moreover, Kids may het bullied for being less than their peers at school

which give them mental health issues like anxiety and depression.

3. Increased rates of suicide within family members

When parents feel stuck they might get anxiety and depression, which are the main causes of

suicide. Furthermore, kids may feel stuck with a poor family, get bullied at school, which may

also lead to them taking out their lives.

4. Kids moving out and/or working earlier than usual

Kids may feel that their parents’ financial burden is affecting them, thus they may choose to

move out from their parents houses and in with a friend or a family member that is better. They

may also choose to get a job and lead a healthier financial life

5. Less educated kids

These kids may not have a chance to have better education or an education at all; thus, they are

most probably going to grow up as their parents.