Economic Benefits: The Invisible Wallet of the Family

– Childcare Savings: According to a report from the U.S. Department of Health and Human Services, the average cost of center-based daycare in the United States is about $11,666 per year. But guess who often steps in to provide free childcare? Grandparents. That’s right, those family dinners aren’t just about passing the potatoes; they’re also about passing the savings. I’ll be the first one to admit that these benefits are more prominent in families that live close to one another, but nonetheless, family usually will step up in cases of emergency. I don’t know any apps that will do that.

  – Shared Resources: Ever heard of economies of scale? As any person who has been through divorce knows: it’s cheaper to run a household of four than it is to run two households of two. Sharing resources like housing, utilities, and even food can lead to significant savings. By the way, this is one of the secrets to first-generation immigrant families becoming financially successful in a short period of time. When you have multiple paychecks supporting one roof, everybody wins, at least financially.

  – Financial Support: This kind of help takes many forms, from supplementing rent and utilities to supplementing food and childcare. You’re probably still on that family shared plan that your parents are paying for. A 2015 study from the Pew Research Center found that 61% of American parents had helped their adult children financially in the past year. So, while you might be spending on your kids now, there’s a good chance they’ll return the favor later on. Set those expectations now.

Social Benefits: More Than Just Awkward Holiday Dinners

– Emotional Support: We all need it, especially when we’re going through challenges in life. A recent 2022 study by several prestigious universities found that having close family ties is associated with a lower risk of depression. And let’s be honest, therapy isn’t cheap. Also, your parents typically don’t end the conversation with: “This will conclude our session for today”.

   – Networking: Ever heard the saying, “It’s not what you know, but who you know”? Family connections can lead to job opportunities, business partnerships, and other professional advantages. It’s a very underrated benefit, but we all know that any type of professional connection can help you propel up that ladder very quickly. All you have to do now is thank your mom or dad for putting a call to an old friend.

   – Health Benefits: A study from Brigham Young University found that social connections, including those with family, can improve longevity and decrease the risk of chronic diseases. When studying blue zones (locations where people tend to live over 100 years) around the world scientists kept looking at the diet as a main reason. Guess what? Nutrition although important was not even in the top 3. Number one was Mobility followed by Purpose and Low Stress. All things attributed to lifestyle, which in those areas means family and community.

Cultural and Educational Benefits: The Family University

  – Cultural Preservation: Families are the primary means by which traditions, languages, and cultural practices are passed down. It’s like having a living, breathing history book in your living room. Even though those books might sometimes be out of date, and move down to Florida for six months of the year.

   – Education: A report from the National Center for Education Statistics found that children from intact families tend to perform better academically. So, those family game nights? They’re not just fun; they’re educational.

I get that the facts I’ve shared may not resonate with everyone. One article from a blog alone won’t dramatically reshape your worldview – I understand. You have every right to remain unconvinced; these cultural shifts that impact the family didn’t occur overnight. Many socio-economic factors over time contributed to changes in the American family – it’s complex. I’m not blaming any one group or party here. I intend to dig deeper into this nuanced issue and continue making the case for the importance of family. I did not have mine since the age of 17 and swore to never let that happen to my kids. I believe it’s a conversation worth having. My goal isn’t to win an argument, but to have thoughtful dialogue on something that impacts us all. Stay tuned…

So, is family worth it? From an economic perspective, the answer is a resounding “YES.” And from a social, cultural, and educational standpoint? Still YES.

But hey, if you’d rather go it alone and miss out on the free childcare, emotional support, and potential longevity boost, be my guest. After all, who needs family when you’ve got Wi-Fi? 😉

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